Bitcoin’s price is currently consolidating above the $60,550 support zone, but it is facing challenges in breaking above key resistance levels. Despite trading above $61,500 and the 100 hourly Simple moving average, Bitcoin is finding it difficult to recover above the $62,200 and $62,400 levels. This struggle indicates a potential for more downside movement if the resistance levels are not breached.
A recent high of $62,297 was reached by Bitcoin, but the price is currently consolidating in a narrow range. While there was a break above a bearish trend line with resistance at $61,250, the price has failed to maintain momentum above $62,200. The next key resistance levels to watch out for are $62,250 and $62,400, with a possible rise towards $62,500 if these levels are broken.
In case Bitcoin fails to climb above the $62,400 resistance zone, there is a risk of another decline. Immediate support is expected near $61,450 and the 100 hourly Simple moving average, followed by major support levels at $61,150 and $60,550. Further losses could push the price towards the $58,500 support zone in the near term.
Technical indicators such as the Hourly MACD and RSI suggest mixed signals for Bitcoin. The MACD is showing signs of slowing down in the bearish zone, while the RSI is above the 50 level, indicating some level of strength. Major support levels to watch out for include $61,150 and $60,550, while major resistance levels are at $62,250 and $62,400.
Bitcoin’s price is currently consolidating above key support levels, but it is struggling to break above major resistance levels. Failure to surpass these resistance levels could lead to another decline, with potential support levels at $61,150 and $60,550. Traders and investors should closely monitor price movements and technical indicators for insights into potential future price trends.
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