💥💥💥 #bitcoinprice Faces Potential Dive: Key Support Levels to Monitor

Bitcoin Price Struggles Below Resistance, Risking Further Decline

- Bitcoin's price failed to reclaim levels above the $62,500 resistance zone & is displaying bearish signals, potentially dropping below the crucial $60,000 support.

Bitcoin Faces Resistance #BEARISH📉 Trend

- Bitcoin attempted a recovery above the $61,200 mark but encountered strong resistance near $62,500. The subsequent decline saw the price falling below $61,500 & the 23.6% Fibonacci retracement level of the upward move from the $58,448 low to $62,454 high.

- Currently, BTC is trading below $62,000 & the 100-hourly Simple Moving Average, indicating bearish momentum. A significant bearish trend line is forming with resistance around $61,850 on the hourly chart of the BTC/USD pair sourced from Kraken.

Potential Scenarios for Bitcoin Price

- If Bitcoin manages to break above the $62,000 resistance, it could initiate a steady upward move. Key resistances on the way up include $61,500, $61,850 (trend line resistance), and $62,000. A clear break above $62,000 might pave the way for a test of the $62,500 resistance, with further gains possibly targeting $63,500.

- However, failure to breach the $62,000 resistance zone could lead to another downward movement. Initial support is near $60,450, followed by a crucial support level at $60,000. Further downside pressure might push BTC towards $59,500 & potentially down to the $58,500 support area in the near term.

Technical Indicators

- Hourly MACD: The #MACD is currently in the bearish zone, indicating increased selling pressure.

- Hourly RSI (Relative Strength Index): The #RSI for BTC/USD is below the 50 level, suggesting bearish momentum.

Summary

Bitcoin faces resistance near $62,000 & $62,500 after failing to sustain above the $62,500 level. A break above $62,000 is crucial for potential upside towards higher resistances.

Conversely, a failure to hold above $60,000 may lead to further losses with initial supports near $60,450 & $60,000.

Source - newsbtc.com