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Bitcoin Price Correction and Consolidation
Bitcoin price corrected gains and tested the $61,850 zone. BTC is consolidating and might aim for a fresh increase above the $62,500 resistance. The cryptocurrency is currently holding gains above the $61,850 zone, trading below $62,500 and the 100 hourly Simple Moving Average. A connecting bearish trend line is forming with resistance at $61,450 on the hourly chart of the BTC/USD pair (data feed from Kraken). Unless there is a close below the $61,700 zone, the pair could potentially start another increase.
Bitcoin Price Eyes Another Increase
Bitcoin price failed to settle above $65,000 and started a fresh decline, trading below $64,000 and $63,500 levels. It even broke the $62,500 support, forming a low at $61,825. The price is now consolidating losses, with a minor increase above the $62,250 level. Testing the 23.6% Fib retracement level of the recent decline, the price is currently below $62,500 and the 100 hourly Simple Moving Average. On the upside, the price could face resistance near $62,500, with a bearish trend line forming at $61,450 on the hourly chart of the BTC/USD pair.
The first key resistance is near $63,150, followed by the 50% Fib retracement level at $64,200. A clear move above the $63,150 resistance could send the price higher towards the $64,200 and potentially towards $65,000 resistance levels.
If Bitcoin fails to rise above the $62,500 resistance zone, it could start another decline, with immediate support near $62,000. The first major support is at $61,850, followed by $61,200, and potentially the $60,000 support level in the near term.
Technical Indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $62,000, followed by $61,850.
Major Resistance Levels – $62,500, and $63,150.
Conclusion
Bitcoin’s price correction and consolidation are key factors to watch in the upcoming trading sessions. With potential resistance levels at $62,500 and $63,150, the cryptocurrency could experience further gains if it breaks above these levels. However, failing to do so might result in more downside towards $61,850 and $61,200 levels.
Technical indicators such as the MACD and RSI provide insight into the current market sentiment, with support and resistance levels guiding traders in decision-making. Keeping a close eye on these indicators will be crucial for navigating the volatile Bitcoin market.
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