Spiral

Bitcoin

Resistance

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-struggles-as-critical-support-falters" rel="noopener noreferrer nofollow">Bitcoin Struggles as Critical Support Falters</a><br></p>
<p style="text-align: justify">The <a href="https://en.bitcoinhaber.net/bitcoin-and-ethereum-reach-new-levels-in-2023-whats-next" rel="noopener noreferrer nofollow">cryptocurrency</a> market is witnessing a significant dip with <a href="https://en.bitcoinhaber.net/shake-up-at-grayscale-top-executives-exit-amid-crypto-market-anticipation" rel="noopener noreferrer nofollow">Bitcoin</a>‘s value sliding below the crucial $62,000 benchmark. Currently fluctuating around $62,480, experts are scrutinizing the factors behind this downturn and evaluating the potential impact on investors’ strategies.</p>
<h2 id="resistance-overpowers-bitcoin-s-attempt-to-rebound">Resistance Overpowers Bitcoin’s Attempt to Rebound</h2>
<p style="text-align: justify">Bitcoin’s recent trading pattern shows a consistent battle against a declining momentum, as highlighted by its struggle to break past the $63,300 resistance level on the hourly chart. With the price lingering under the 100-hour Simple Moving Average, the resistance zone further challenges Bitcoin’s potential to climb.</p>
<p style="text-align: justify">Market observers note that if Bitcoin can pierce through the $64,000 resistance area, it may witness a resurgence. Conversely, a dip below the $61,000 support could trigger a more pronounced slide in value.</p>
<h2 id="potential-for-a-continued-downward-spiral-in-bitcoin-value">Potential for a Continued Downward Spiral in Bitcoin Value</h2>
<p style="text-align: justify">Inability to conquer the $63,300 resistance could mean further descent for Bitcoin. Immediate support lies near $61,200, closely followed by a major support threshold at $61,000. Breaching these levels, especially if the value falls under $60,500, could precipitate a drop toward the $60,000 zone, with the possibility of reaching as low as $58,800.</p>
<h2 id="market-indicators-point-to-a-bearish-outlook">Market Indicators Point to a Bearish Outlook</h2>
<p style="text-align: justify">Bearish signals emanate from key technical indicators, with the hourly MACD showcasing a growing bearish trend, and the RSI remaining below the neutral 50 mark, suggesting ongoing selling pressure. Investors are advised to watch the $61,000 and $63,300 levels closely amidst the current market turbulence.</p>
<p style="text-align: justify">While market experts retain a long-term positive outlook for Bitcoin, they acknowledge that short-term predictions are marred by market sensitivities, such as reactions to the Federal Reserve’s impending interest rate decisions. Despite the immediate bearish climate, experts do not dismiss the possibility of a recovery following the recent price drop.</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-struggles-as-critical-support-falters" rel="noopener noreferrer nofollow">Bitcoin Struggles as Critical Support Falters</a></h5>

Bitcoin Struggles as Critical Support Falters

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