Bitcoin has recently adjusted its position, finding temporary stability around the $61,850 level. The cryptocurrency is in a phase of consolidation, with potential objectives set for a rise beyond the resistance at $62,500.
Currently, Bitcoin is maintaining its value above the $61,850 area. However, it remains under the $62,500 barrier and the 100-hour Simple Moving Average. A bearish trend line is forming, establishing resistance at approximately $61,450, based on recent price movements. As long as the price stays above $61,700, there is a possibility of an upward trajectory.
After experiencing struggles to remain above the $65,000 level, Bitcoin has faced a downward trend, with trading dipping below the $64,000 and $63,500 levels. A notable low was recorded at $61,825, and the cryptocurrency is currently stabilizing after this decline. A minor upward adjustment has been noted, which took the price above $62,250. This movement corresponds with a 23.6% Fibonacci retracement from its recent high of $64,419 to the low of $61,825.
Presently, Bitcoin is situated below both the $62,500 resistance level and its 100-hour Simple Moving Average. The resistance that Bitcoin faces is primarily around $62,500, while a crucial resistance level of $63,150 is also significant — it represents the 50% Fibonacci retracement of the recent downward movement. A decisive breakthrough above $63,150 could trigger a stronger upward trend, with subsequent resistance levels at $64,200 and possibly $65,000.
Conversely, should Bitcoin struggle to break past the $62,500 resistance, it could lead to further declines. Initial support levels are set near $62,000, followed closely by $61,850 and then $61,200. Continued losses could push Bitcoin toward the $60,000 support level.
