Bitcoin ’s price faces a challenging period as it struggles to maintain momentum above the key threshold of $64,400. Currently, the cryptocurrency is experiencing a correction, trading close to the vital support level of $62,500.
After initially surging past the $63,500 level and breaking through resistance at $64,200, Bitcoin encountered selling pressure near $64,500. The cryptocurrency peaked at approximately $64,419 but has since retraced, dipping below both the $64,000 and $63,500 levels. This decline crossed the 50% Fibonacci retracement level based on the upward movement from a low of $61,723 to the recent high. Adding to the bearish outlook, Bitcoin broke below a bullish trend line that previously provided support at $63,000.
Despite the recent downturn, Bitcoin holds above the $62,500 level and the 100-hourly moving average, indicating some ongoing bullish strength. The market is currently being defended at the 76.4% Fibonacci retracement level stemming from the earlier rise. For Bitcoin to regain upward momentum, it must overcome resistance near the $63,200 level. Only a decisive breakthrough above this level could propel the price toward the next significant resistance at $64,000, which could lead to stronger gains and potentially challenge the $64,400 resistance.
On the downside, if Bitcoin fails to rise above the pivotal $63,200 resistance, it may face further declines. Immediate support is situated at $62,500, while critical levels below are at $61,750 and $61,200. Should losses extend, the price could potentially test the $60,000 support level in the foreseeable future.
Additionally, technical indicators show a weakening momentum in the MACD, while the Relative Strength Index (RSI) has dipped below the neutral 50 level, further supporting the bearish sentiment in the market.
