Bitcoin

Resistance

Bitcoin price is consolidating above the $60,550 support zone. BTC could avoid more downsides if it manages to recover above the $62,400 resistance. 
<ul> 
 <li>Bitcoin is still struggling to recover above the $62,200 and $62,400 levels.</li> 
 <li>The price is trading above $61,500 and the 100 hourly Simple moving average.</li> 
 <li>There was a break above a major bearish trend line with resistance at $61,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair might start another decline unless there is a close above the $62,400 resistance zone.</li> 
</ul> 
<h2 id="bitcoin-price-faces-hurdles">Bitcoin Price Faces Hurdles</h2> 
Bitcoin price struggled to rise above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-dive-60k/" target="_blank" rel="noopener ">$62,400 resistance zone</a>. BTC again declined below $62,000, but the bulls were able to protect the $60,550 support. The recent high was formed at $62,297 and the price is now consolidating. 
Recently, there was a break above a major bearish trend line with resistance at $61,250 on the hourly chart of the BTC/USD pair. It is trading above the 50% Fib retracement level of the upward move from the $60,580 swing low to the $62,297 high. 
Bitcoin price is now trading above $61,500 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-rejection-62500/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. If there is another increase, the price could face resistance near the $62,250 level. The first key resistance is near the $62,400 level. <a href="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_a2c958.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-626800 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_a2c958.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_a2c958.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_a2c958.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_a2c958.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_a2c958.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_a2c958.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_a2c958.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_a2c958.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The next key resistance could be $62,500. A clear move above the $62,500 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the $63,500 resistance. Any more gains might send BTC toward the $64,400 resistance in the near term. 
<h2 id="another-decline-in-btc">Another Decline In BTC?</h2> 
If Bitcoin fails to climb above the $62,400 resistance zone, it could start another decline. Immediate support on the downside is near the $61,450 level and the 100 hourly Simple moving average. 
The first major support is $61,150 and the 61.8% Fib retracement level of the upward move from the $60,580 swing low to the $62,297 high. The next support is now forming near $60,550. Any more losses might send the price toward the $58,500 support zone 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 above the 50 level. 
Major Support Levels – $61,150, followed by $60,550. 
Major Resistance Levels – $62,250, and $62,400.

Bitcoin Price Recovery: Here Are Challenges On The Road to Rebound

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Alte articole publicate pe 28 iun. 2024

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