Bitcoin (BTC) Encounters Obstacle – Price Analysis

BTC retraced after hitting its record high and dropped to $59,500. Bitcoin seems to recover from the losses, but $63,250 might cap upsurges in the short term.

  • Bitcoin plunged beneath the support levels at $63,200 and $62,000.
  • For now, Bitcoin trades under $62,000 and 100-hourly SMA.
  • The coin saw a break past a vital bearish trend-line as BTC/USD’s hourly chart showed resistance at $61,000 (Kraken data).
  • If Bitcoin sees a close beyond the 100Hr SMA, then $63,250, it might see uptrend reversals.

BTC Encounters Resistance

Bitcoin rallied to a historic high around the $67,000 mark before sustaining downward retracement. The leading cryptocurrency dropped under the support levels at $65,000, then $63,250. It also breached the support at $62,000 and the 100Hr SMA. Lastly, the cryptocurrency hit beneath $60,000, but bulls defended the $59,500 zone. Bitcoin formed a low near $59,610 to consolidate the losses at the moment.

BTC saw a recovery wave past $60,500 and $61,000 areas. Remember, Bitcoin surpassed the 23.6% Fibonacci retracement of the downswing action from the swing high of $62,000 towards the $59,610 low.

The asset also rose past a vital bearish trend-line with a $61,000 resistance on the BTC/USD hourly price chart. For now, the pair meets resistance around the 100Hr SMA and the $62,000 level. If Bitcoin breaks past the resistance at $62,000, it will open the road to more surges.

The next crucial resistance for Bitcoin stands at $63,250. It is around the 50% Fibonacci retracement of the downswing move from $66,982 to $59,610. Uptrends from this level may see Bitcoin exploring the $64,000 zone. Bitcoin will have its next critical resistance at $65,000.

More Bitcoin Losses

If BTC fails to conquer the resistance level at $63,250, it will see continuous retracements, depending on the closest downward support at $61,200. Meanwhile, Bitcoin is forming its first massive support at $60,000. Breaking under this area might see the leading crypto hitting the support at $58,000.

BTC Technical Indicators

  • Hourly MACD – MACD gradually gains momentum towards the bullish territory.
  • Hourly RSI – BTC/USD’s RSI stays beyond the 50 mark.
  • Vital Support Levels – $61,200 and $60,000.
  • Vital resistance Levels – $62K, 62.5K and $63,250.

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