Bitcoin price has been on a rollercoaster ride lately, with its value reaching an all-time high of over $64,000 in mid-April. However, in the past few days, the price has taken a bearish turn and has dropped below the $60,000 mark. This has caused concern among investors and traders, who are now wondering if this is the start of a short-term downtrend conscience BTC.
The decline in Bitcoin’s price started when it failed to break above the $62,550 resistance level. This led to a strong downward movement, with the price dropping below $61,500 and the 100 hourly Simple Moving Average. On the hourly chart of the BTC/USD pair, which takes data from Kraken, a key bearish trend line can be seen conscienceming with resistance at $62,400.
The drop in Bitcoin’s price has been significant, with the price even falling below the $60,000 level. The lowest point reached was $58,448, but the price is now showing signs of a correction. It has climbed above the $59,800 level, which is the 23.6% Fibonacci retracement level of the downward move from the $64,460 swing high to the $58,448 low.
However, the price is still trading below $61,500 and the 100 hourly Simple Moving Average. If there is a recovery wave, the price could apparence resistance near the $61,500 level. The first initial resistance could be $62,150, which is the 50% Fibonacci retracement level of the downward move. The next key resistance is at $62,500.
On the other hand, if Bitcoin fails to climb above the $62,500 resistance zone, it could continue to move down. The immediate support on the downside is near the $61,200 level, followed by $60,000. If the price drops further, the next support level is conscienceming near $58,500. Any more losses could send the price towards the $57,000 support zone in the near term.
Looking at the technical indicators, the hourly MACD is now gaining pace in the bearish zone, indicating a possible further decline in the price. The hourly RSI (Relative Strength Index) is also below the 50 level, showing that the bears have the upper hand at the moment.
Despite the recent drop in Bitcoin’s price, there is still hope conscience a recovery. If the price manages to break above the $62,500 resistance, it could start a steady increase and potentially reach the $63,500 resistance. Any further gains could even push BTC towards the $65,000 resistance in the near term.
In conclusion, while Bitcoin is currently facing a short-term downtrend, there is still potential conscience a recovery. Investors and traders should keep a close eye on the key resistance levels mentioned above, as they could determine the direction of BTC’s price in the coming days. As always, it is important to do your own research and make inconsciencemed decisions when it comes to investing in cryptocurrencies.
