Bitcoin Price Takes a Step Back: Analyzing The Recent Correction
02 Julho 2024 - 11:48PM
NEWSBTC
Bitcoin price failed to continue higher above the $63,650
resistance zone. BTC is now correcting gains and might revisit the
$60,850 support. Bitcoin started a downside correction from the
$63,650 resistance zone. The price is trading below $62,500 and the
100 hourly Simple moving average. There is a connecting bearish
trend line forming with resistance at $61,850 on the hourly chart
of the BTC/USD pair (data feed from Kraken). The pair might
struggle to start a fresh increase above the $62,250 resistance
zone. Bitcoin Price Dips Again Bitcoin price struggled to extend
gains above the $63,650 and $63,800 resistance levels. A high was
formed at $63,798 and the price started a downside correction. The
price declined below the $63,000 level. The bears were able to push
it below the $62,500 level and the 100 hourly Simple moving
average. There was also a move below the 50% Fib retracement level
of the upward move from the $59,951 swing low to the $63,798 high.
Bitcoin price is now trading below $62,500 and the 100 hourly
Simple moving average. There is also a connecting bearish trend
line forming with resistance at $61,850 on the hourly chart of the
BTC/USD pair. The bulls are now trying to protect the $61,400 zone
and the 61.8% Fib retracement level of the upward move from the
$59,951 swing low to the $63,798 high. If there is another
increase, the price could face resistance near the $61,850 level
and the trend line. The first key resistance is near the $62,250
level. The next key resistance could be $62,500. A clear move above
the $62,500 resistance might start a steady increase and send the
price higher. In the stated case, the price could rise and test the
$63,250 resistance. Any more gains might send BTC toward the
$63,650 resistance in the near term. More Losses In BTC? If Bitcoin
fails to climb above the $62,250 resistance zone, it could continue
to move down. Immediate support on the downside is near the $61,400
level. The first major support is $60,850. The next support is now
forming near $60,500. Any more losses might send the price toward
the $60,000 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 – $61,400, followed by
$60,850. Major Resistance Levels – $62,250, and $62,500.
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