Bitcoin Price Pullback Analysis: Recent Adjustment Trend

Recently, Bitcoin price failed to break through the $63,650 resistance area and started a downward adjustment. Currently, Bitcoin is trading below $62,500 and the 100-hour simple moving average, showing some market pullback pressure.

On the hourly chart, the BTC/USD pair has formed a connected downward trend line with resistance near $61,850. This technical pattern suggests that Bitcoin price may face upward challenges at this stage, especially when trying to break through the $62,250 resistance area.

Looking back at the previous market dynamics, Bitcoin price started a pullback trend after reaching a high of $63,798. The price fell below two important support levels of $63,000 and $62,500, and also fell below the 50% Fibonacci retracement level, which is a key retracement point in the upward trend from the swing low of $59,951 to the high of $63,798.

Currently, the market bulls are trying to defend the $61,400 area and the 61.8% Fibonacci retracement level, which is another important technical support in the same upward trend. If the price rises again, it may face resistance near the $61,850 level and the trend line.

As for the key resistance levels, the first is $62,250 and the second is $62,500. Only when the price breaks through the $62,500 resistance, it may start a steady rise and push the price higher. In this case, the price may test the $63,250 resistance, and any further gains may bring Bitcoin closer to the $63,650 resistance level in the short term.

However, if Bitcoin fails to climb above the $62,250 resistance area, it may continue to move downward. The immediate support on the downside is near $61,400, while the main support is $60,850. If the price falls further, the next support level will be formed near $60,500. Any larger decline may cause the price to approach the $60,000 support area in the short term.

From the technical indicators, the hourly MACD is accelerating downward in the bear market area, while the hourly RSI (Relative Strength Index) has fallen below the 50 level, showing the short-term correction pressure of the market.

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