Bitcoin has begun a downward adjustment following its inability to surpass the $64,750 resistance level. Currently, BTC remains above the support at $62,500, suggesting that there is still potential for a rebound if certain key levels are breached.
At present, Bitcoin is consolidating below the $63,800 resistance level and is trading under the $63,500 level, as well as the 100-hour simple moving average. Additionally, there is a bearish trend line indicating resistance at the $63,300 level based on hourly analysis of the BTC/USD pair. For Bitcoin to initiate another upward movement, it must break through the $63,700 resistance zone.
After failing to break past $64,750, Bitcoin ’s price slipped below critical levels of $64,000 and $63,500, eventually dropping beneath $63,000. A low was recorded at $63,673, from which the price has attempted to stabilize. It managed to push above the $63,000 level, exceeding the 23.6% Fibonacci retracement level relative to the decline from the $64,770 peak to the $62,673 trough. Despite this, it continues to trade sub-$63,500 and is hindered by the bearish trend line.
Resistance levels remain pivotal, with significant resistance identified at $63,700. A decisive move above this level could propel Bitcoin towards the $64,000 level or the 61.8% Fibonacci retracement level of the previous downward move. If Bitcoin surmounts the $64,000 level, it may very well challenge the $64,750 resistance again.
Conversely, if Bitcoin fails to overcome the $63,700 resistance, a downward trend could persist. The immediate support to watch is at $63,000, with further significant support levels at $62,500 and $62,000. Continued losses could push Bitcoin towards the $61,200 support level soon.
Technical indicators show that the hourly MACD is losing momentum in the bullish zone, while the relative strength index (RSI) for BTC/USD is currently below the neutral 50 level, suggesting caution for potential investors. Major support and resistance levels remain critically important in guiding the next moves in Bitcoin ’s pricing landscape.
