Convergence

Bitcoin

Resistance

Divergence

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-seeks-footing-as-prices-retreat-from-peak" rel="noopener noreferrer nofollow">Bitcoin Seeks Footing as Prices Retreat from Peak</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/bitcoin-rebounds-as-altcoins-gain-etf-dynamics-shift" rel="noopener noreferrer nofollow">Bitcoin</a>‘s price has started a downward adjustment following its recent surge, indicating a potential correction phase. After approaching the resistance near $64,000, the <a href="https://en.bitcoinhaber.net/stablecoins-gain-preference-over-bitcoin-in-africas-financial-landscape" rel="noopener noreferrer nofollow">cryptocurrency</a> has been looking for solid support, with potential levels being around $59,250 or anchored by the 100-hour Simple Moving Average. The duration and extent of this correction phase are subjects of market speculation, while the digital currency sees a temporary pause in its upward trajectory.</p>
<h2 id="btc-struggles-below-key-resistance-levels">BTC Struggles Below Key Resistance Levels</h2>
<p style="text-align: justify">Bitcoin’s rally experienced a setback as its value dipped below $62,250, a key resistance area. Despite this, the cryptocurrency’s value is hovering above $60,000 and maintaining above the 100-hour Simple Moving Average. This downward price action is further confirmed by a breach of the support trend line at $62,850 on the hourly BTC/USD chart, indicating a potential bearish pattern.</p>
<p style="text-align: justify">Previously, Bitcoin had climbed past $63,200 and made an attempt to establish itself in the $64,000 zone. This peak, however, could not be sustained, and a downward correction ensued, with the highest recent level being recorded near the $64,000 mark. The fall below the $62,000 support signals the onset of this corrective trend.</p>
<h2 id="technical-indicators-hint-at-continued-adjustment">Technical Indicators Hint at Continued Adjustment</h2>
<p style="text-align: justify">The ongoing correction sees Bitcoin’s price floating above the $62,000 mark, but its inability to overcome the $62,850 resistance barrier suggests the possibility of a prolonged retraction. If the currency were to breach the $62,850 level, it might indicate a potential resurgence towards the $64,000 resistance. However, the <a href="https://en.bitcoinhaber.net/bitcoin-and-ethereum-a-glimpse-into-2024-price-targets" rel="noopener noreferrer nofollow">technical analysis</a> reveals a weakening momentum, as evidenced by the hourly Moving Average Convergence Divergence (MACD) and a Relative Strength Index (RSI) that has dropped below the midpoint of 50.</p>
<p style="text-align: justify">Currently, Bitcoin’s correction is in progress, with market watchers keenly observing which direction it will ultimately take. The $60,000 support level and consistency above the 100-hour Simple Moving Average provide some reassurance that the pullback could be contained. Conversely, a decisive move above the $62,850 resistance might signal a bullish reversal. Nonetheless, if Bitcoin closes below these support levels, the market might brace itself for further declines.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-seeks-footing-as-prices-retreat-from-peak" rel="noopener noreferrer nofollow">Bitcoin Seeks Footing as Prices Retreat from Peak</a></h5>

Bitcoin Seeks Footing as Prices Retreat from Peak

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