Key Takeaways:
• Bitcoin experiences a minor drop from the $64,750 resistance mark.
• The leading cryptocurrency is currently consolidating gains below the $63,800 resistance zone.
• BTC is trading below the $63,500 mark and below the 100 hourly Simple Moving Average.
• Resistance at $63,300 on the Bitcoin/USD chart could lead to another increase if the crypto successfully moves past the $63,700 resistance zone.
The Dip in Bitcoin Price
After failing to clear the $64,750 zone, the Bitcoin price started a downward correction. During this time, Bitcoin dipped below the $64,000 and $63,500 support levels, even experiencing a spike below $63,000.
A New Low
During this decline, a low was formed at $63,673, with Bitcoin now consolidating its losses. Meanwhile, Bitcoin experienced a minor resurgence as its price moved above the $63,000 level. It also climbed over the 23.6% Fib retracement level, indicating a recovery from the plunge from the $64,770 swing high to the $62,673 low.
Bitcoin’s Current Position
Presently, Bitcoin is trading slightly below the $63,500 mark and beneath the 100-hourly Simple Moving Average. Should a fresh increase begin, the price may confront resistance around the $63,250 mark. In addition, a bearish trend line, marked by its resistance at the $63,300 level, is noticeable on Bitcoin’s hourly chart. Overcoming this could potentially result in another price surge.
Key Resistance Levels
The first noticeable resistance is around $63,700. A successful move beyond this mark could cause the Bitcoin price to incline further. The subsequent resistance might be $64,000, corresponding with the 61.8% Fib retracement level of the downtrend from the $64,770 swing high to the $62,673 low. Closing above the $64,000 resistance might trigger further upsides, potentially leading to a test of the $64,750 resistance level.
Could There Be More Losses?
If Bitcoin fails to rise above the $63,700 resistance level, it could continue to decline. The immediate downside support resides around the $63,000 level. The first substantial support follows at the $62,500 mark. Beyond that, support is around the $62,000 zone. Any further losses could push the Bitcoin price towards the $61,200 support in the near term.
Looking at Technical Indicators
In terms of technical indicators, the MACD is currently losing momentum in the bullish zone on an hourly basis. Meanwhile, the Relative Strength Index (RSI) for Bitcoin/USD is presently below 50. The major support levels remain at $63,000, followed closely by $62,500, with the most considerable resistance at $63,600 and $64,000.
In conclusion, the Bitcoin market has experienced a bit of a shake-up recently. The cryptocurrency took a slight dip but seems to be resurging. If it successfully overcomes resistance at the $63,700 and $64,000 marks, the small decrease could merely be a hiccup in an otherwise steady uptrend.
Source: Neefina – Breaking News Today | Latest News US