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The world of cryptocurrency continues its uncertain path with Bitcoin leading the way. Despite reaching a short-term peak around $64,450, it failed to surpass the $65,000 resistance zone and has since declined. The recent drop extended below the $63,000 and $62,000 levels, eventually falling below even the $60,000 mark, with the lowest point around $59,700. Efforts are now being made for a recovery wave.
Bitcoin May Encounter Resistance at $62,000
Bitcoin is still trading below $63,000 and the 100-hour Simple Moving Average. The immediate resistance is found near the $62,000 level.
The first major resistance is at $62,650, followed by another at the $63,000 level. If the cryptocurrency Bitcoin can make a clear move above the $63,000 resistance area, there is a possibility for the price to continue rising. In this scenario, the price could gain momentum towards $64,500.
However, the key determining point appears to be the $65,000 zone. This level stands as the next major resistance point. Should Bitcoin achieve more gains in the near term, we could see a move towards the $66,500 resistance area.
Key Levels to Watch in a Downward BTC Movement
If Bitcoin fails to rise above the $63,000 resistance area, a new downward wave could begin. Particularly, the immediate downside support level is set at $60,800.
Currently, the first major support for BTC is around $60,000. However, if it closes below this level, a retreat to around $59,200 could be expected. Further losses could potentially lead Bitcoin’s price towards the $58,500 support area in the near term.
Technical Indicators for BTC
Looking at the technical indicators, the hourly MACD is losing momentum in the bearish zone. Similarly, the hourly RSI (Relative Strength Index) for BTC/USD is also trending below the 50 level.
For Bitcoin, the flagship of cryptocurrencies, the main support levels are at $60,800 and $60,000, while the resistance levels are set at $62,650, $63,000, and $64,500.
