Bitcoin price is going through a price correction as we speak. It is likely that the price could go as low as $60,000. Here is a summary of Bitcoin price in the past 24 hours:
- Bitcoin failed to stabilize above $62,000
- Currently, the price is below $62,000 and the 1-hour candles are below the SMA100.
- For the 1-hour chart, we can see a downtrend with resistance level at $62,300.
- It is likely that the decline continues and the $60,500 and $60,000 support levels fail to stop the decline.
You can learn how to exchange your Bitcoin into Paypal by reading our instructional article.
Bitcoin Price Action Analysis
The Bitcoin Bull run lost momentum by reaching $64,000 and turned for a subsequent downtrend. The lowest recorder price in the past few hours has been $59,824 and then the recovery began. As of now, the price is moving toward the 23.6% Fibonacci retracement level from the latest fall from $63,700 to $59,824.
The first resistance levels for BTC are $60,800 and $61,000. Following them, we have a crucial resistance at $61,750 and the SMA100. The 50% Fibonacci retracement level is located around $61,800.
The primary breakout resistance level is at $62,000. For the 1-hour chart, a new downtrend is forming with resistance level at $62,300. A successful breakthrough from this level and surpassing $62,500 could pave the way for BTC to reach $63,200. The next important resistance level will be at $64,000.
On the other hand, if Bitcoin price fails to surpass the $62,000, the downtrend will continue. In that case, the first support level will be at $60,000.
The next crucial support will be at $59,500. By dipping below this level, the price could approach $58,000 in short-term.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on a downward movement.
RSI: the 1-hour relative strength index is currently below 50.
Resistance levels: Right now, the $61,200, $62,000 and $62,300 are crucial levels for BTC to surpass.
Support levels: the $60,000 and $59,500 zone is the important support level that will cause further decline if broken.
HiExchange
HiExchange is a decentralized online platform to exchange your cryptocurrencies and e-currencies. We utilize an automated system to determine the best exchange rates at any moment. Furthermore, HiExchange does not require KYC or a sign-up process. Backed by 24/7 customer support, our great reviews on OkChanger and Trustpilot is a testament of our good will. We are on Bestchange and are always amongst the top exchanges.
To learn how to exchange your cryptocurrencies to PayPal you can read our instructional article.
For more instructional content, you can always visit HiExchange Blog
