Bitcoin price started a fresh decline from the $62,000 resistance zone. BTC is declining and remains at a risk of more losses below the $60,000 level.
Bitcoin started a fresh decline after it failed near $62,000.The price is trading below $61,000 and the 100 hourly Simple moving average.There was a break below a bearish flag pattern with support near $60,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).The pair could gain bearish momentum if there is a close below the $60,000 level.

Bitcoin Price Signals Breakdown
Bitcoin price found support near the $60,250 zone and started a recovery wave. BTC was able to recover above the 23.6% Fib retracement level of the downward move from the $63,217 swing high to the $60,250 low.
However, the bears were active near the $61,800 resistance zone. They defended the 50% Fib retracement level of the downward move from the $63,217 swing high to the $60,250 low. There was a fresh bearish reaction below the $61,200 support zone.
There was a break below a bearish flag pattern with support near $60,950 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $61,000 and the 100 hourly Simple moving average.
Immediate resistance is near the $61,200 level. The first major resistance could be $62,000 or the 100 hourly Simple moving average. The next key resistance could be $62,500. A clear move above the $62,500 resistance might send the price higher.

The main resistance now sits at $63,500. If there is a close above the $63,500 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $65,000.
More Downsides In BTC?
If Bitcoin fails to climb above the $61,200 resistance zone, it could continue to move down. Immediate support on the downside is near the $60,500 level.
The first major support is $60,000. If there is a close below $60,000, the price could start to drop toward $58,500. Any more losses might send the price toward the $56,650 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $60,500, followed by $60,000.
Major Resistance Levels – $61,200, $62,200, and $62,500.

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The world of cryptocurrency is always buzzing with predictions and speculations, especially concerning the flagship currency, Bitcoin (BTC). As we navigate through 2024, various factors contribute to the dynamic pricing of Bitcoin, making predictions both intriguing and complex.

Optimistic Predictions
Despite the recent market fluctuations, some analysts remain bullish about Bitcoin’s future. A recent prediction suggests that South Korea’s interest in accessing US Bitcoin ETFs could trigger a significant breakout. Furthermore, with the upcoming halving event, which historically leads to a price increase, some predict a potential 10x increase in Bitcoin’s value post-halving.
The Halving Effect
Bitcoin Cash (BCH), often seen as a precursor to Bitcoin’s behavior, surged over 6% following its halving event. This has led to increased buying power and optimism among investors for Bitcoin’s own halving.
Long-Term Forecasts
Long-term forecasts by various platforms show a wide range of predictions, with some suggesting a steady increase in Bitcoin’s value over the next few years. By 2030, Bitcoin’s value could potentially reach between $204,674 and $305,028, marking a significant gain from current levels.
The Downfall
However, it’s not all upward trends. Recent reports indicate a potential pullback to $60,000, with high funding rates signaling caution. Renowned economist Peter Schiff warns of an imminent crash, recommending traditional investments like gold and silver over cryptocurrencies.
Market Influences
Bitcoin’s price is influenced by various factors, including regulatory changes, market sentiment, and technological advancements. For instance, strong U.S. factory data has led to a strengthened dollar, which in turn has negatively impacted Bitcoin’s price.
Conclusion
While the future of Bitcoin’s pricing is uncertain, it’s clear that the cryptocurrency market remains a hotbed for investment and speculation. As always, potential investors should conduct thorough research and consider the inherent risks associated with cryptocurrency investments. I hope this article provides a comprehensive overview of the current state and future predictions of Bitcoin prices. Please note that the predictions mentioned are based on market trends and analyst opinions, and should not be taken as financial advice.