Bitcoin Price Recovery: Here Are Challenges On The Road to Rebound
27 Junho 2024 - 11:47PM
NEWSBTC
Bitcoin price is consolidating above the $60,550 support zone. BTC
could avoid more downsides if it manages to recover above the
$62,400 resistance. Bitcoin is still struggling to recover above
the $62,200 and $62,400 levels. The price is trading above $61,500
and the 100 hourly Simple moving average. There was a break above a
major bearish trend line with resistance at $61,250 on the hourly
chart of the BTC/USD pair (data feed from Kraken). The pair might
start another decline unless there is a close above the $62,400
resistance zone. Bitcoin Price Faces Hurdles Bitcoin price
struggled to rise above the $62,400 resistance zone. BTC again
declined below $62,000, but the bulls were able to protect the
$60,550 support. The recent high was formed at $62,297 and the
price is now consolidating. Recently, there was a break above a
major bearish trend line with resistance at $61,250 on the hourly
chart of the BTC/USD pair. It is trading above the 50% Fib
retracement level of the upward move from the $60,580 swing low to
the $62,297 high. Bitcoin price is now trading above $61,500 and
the 100 hourly Simple moving average. If there is another increase,
the price could face resistance near the $62,250 level. The first
key resistance is near the $62,400 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 $63,500 resistance. Any
more gains might send BTC toward the $64,400 resistance in the near
term. Another Decline In BTC? If Bitcoin fails to climb above the
$62,400 resistance zone, it could start another decline. Immediate
support on the downside is near the $61,450 level and the 100
hourly Simple moving average. The first major support is $61,150
and the 61.8% Fib retracement level of the upward move from the
$60,580 swing low to the $62,297 high. The next support is now
forming near $60,550. Any more losses might send the price toward
the $58,500 support zone in the near term. Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now
above the 50 level. Major Support Levels – $61,150, followed by
$60,550. Major Resistance Levels – $62,250, and $62,400.
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