Bitcoin price is retesting the $62,500 resistance level. In case of losing the $60,000 support, there will be decline in short-term. Here is a summary of Bitcoin price in the past 24 hours:
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- Bitcoin is facing the $62,500 and $62,650 resistance levels.
- Currently, the price is below $62,000 and the 1-hour candles are below the SMA100.
- For the 1-hour chart, we can see an uptrend forming with support level at $60,500.
- In case of losing the $60,000, the downtrend will gain momentum.
Bitcoin Price Action Analysis
BTC is now giving it another try to surpass the $62,500 and $62,650. With that, the price failed to stabilize above the $62,500. The highest recorder price in the past few hours has been $62,500 before going for a dip.
Following that, the $62,000 support and the SMA100 failed to hold the decline. The price penetrated the 50% Fibonacci retracement level from the latest rise from $59,449 to $62,500.
Furthermore, the buyers provided good support at $60,500. BTC managed to touch the 61.8% Fibonacci retracement level.
For the 1-hour chart, we have a crucial upward trend with support at $60,500. For this trend, the $61,200 resistance and the SMA100 have been surpassed. The price is now above the $61,500.
The first resistance level is at the $62,500 followed by $62,650. In case of a successful breakthrough from the $62,500, BTC could experience further growth and will approach $63,200. The next important resistance level is at $64,500.
On the other hand, if Bitcoin price fails to move beyond the $62,500, there will be a bear run to follow. For that scenario, the first support level is at the $61,500 to $61,200 zone. That is followed by $60,800 as the next one. Losing this crucial level will be detrimental to the price as it could face reaching $58,500.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on an upward movement.
RSI: the 1-hour relative strength index is currently above 50.
Resistance levels: Right now, the $62,500 and $62,650 are crucial levels for BTC to surpass.
Support levels: The $60,500 and $60,000 are currently the crucial support levels for the price.
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