Bitcoin price failed to surpass the $62,500 and went on a downward trend. Currently, the price is trying to recover and by breaking the resistance level of the downtrend at $61,650, BTC can have short-term growth. Here is a summary of Bitcoin price in the past 24 hours:
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- Bitcoin price lost the $61,800 and $62,500 support levels.
- Currently, the price in below $61,500 and the 1-hour candles are below the SMA100.
- For the 1-hour chart, we see a triangle pattern with resistance level at $61,650.
- With a successful breakthrough form $61,650, BTC can grow in short-term.
Bitcoin Price Action Analysis
BTC failed to surpass the $62,250 and $62,500. Subsequently, with a downtrend, the price dipped below the $61,800 and $61,500. At some point, BTC went below the $61,000 and the lowest recorded price is at $60,740. Following that, the piece continued consolidating for a while. It seems that Bitcoin is finally trying to recover for the losses after ranging for a while. We can see BTC is trying to break the $61,500 barrier.
As of now, Bitcoin price is below $61,500 and the 1-hour candles are below the SMA100. For the 1-hour chart, we can see a triangle pattern. The support and resistance level for this pattern are respectively at $60,700 and $61,650.
For the time being, the price has penetrated the 23.6% Fibonacci retracement level from the latest fall from $64,250 to $60,384. The first resistance level is at $61,650. This level is near the downward trendline and the triangle pattern. Surpassing this level would bring short-term growth. With that, the $61,800 is the next resistance level. Subsequently, the $62,250 and the SMA100 are the next barriers for the price. Finally, the 50% Fibonacci retracement level is next. Further growth can bring the price closer to $62,700 and $63,200.
On the other hand, if BTC fails to surpass the $61,500 and $61,650, there will likely be a new downtrend. In that case, the first support level is at $61,200 followed by $60,800 and $60,700. The $60,700 in sear the support level for the triangle pattern and is crucial for the price. If lost, BTC could approach $60,500 and $60,000 as the next support levels down the line. Dipping below $60,000 would cause rapid decline in short-term.
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