Bitcoin has recently shown significant price movement, surpassing the $63,500 resistance level. The cryptocurrency peaked at $64,800 before experiencing a correction in its value. Currently, Bitcoin is trading below the $63,500 level and the 100-hour Simple Moving Average, indicating potential downward pressure.
As Bitcoin attempted to maintain its upward trajectory, it moved past various levels, including $63,800 and $64,200, ultimately reaching a high of $64,777. Following this peak, a notable correction ensued, with Bitcoin dipping below critical support levels of $64,000 and $63,500. This decline has also taken the price beneath the 61.8% Fibonacci retracement level of the recent upward movement, suggesting weakening bullish momentum.
Trading indicators reveal a bearish trend, with a connecting trend line forming resistance at around $63,240. While any rebound above $63,500 could invigorate bullish sentiment and potentially push Bitcoin towards resistance at $64,200, failing to break through this resistance may lead to further declines.
On the downside, immediate support can be found near the $62,750 level, while essential support lies at $62,450. If Bitcoin continues to struggle and drops below this level, it risks sliding toward the $62,000 level and possibly down to $61,200.
Current technical indicators reflect bearish conditions, as shown by the MACD gaining momentum within the negative zone, and the Relative Strength Index (RSI) sitting below the neutral threshold of 50. As Bitcoin navigates these price movements, traders will be closely monitoring key support and resistance levels for further direction.
