Bitcoin price had to back down after reaching the uptrend ceiling and the resistance level for the downward trendline. The price fell to $61,300 and is currently trying to recover. It will likely climb up to the resistance level for the downward trendline. To bounce back, BTC must surpass the crucial resistance level at $62,500. Here is a summary of Bitcoin price in the past 24 hours:
- Bitcoin lost the support level at $62,100.
- Currently, the price is above $61,500 and the 1-hour candles are above the SMA100.
- For the 1-hour chart, we can see an important uptrend with support at $61,500.
- In case Bitcoin price stabilizes above the support level, we can see it approach $62,500.
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Bitcoin Price Action Analysis
Following yesterday’s bull run, BTC reached the resistance level for the downward trendline and failed to break through. Subsequently, the price fell to $61,300. As of now, BTC is near the 23.6% Fibonacci retracement from the latest rise from $57,790 to $62,980.
Currently, the price is above $61,500 and the 1-hour candles are above the SMA100. For the 1-hour chart, there is an important uptrend with support level at $61,500. On the same chart, we can also see a downward trendline with resistance level at $62,500. Breaking through this level would pave the way for another bull run.
The first resistance level is at $62,100. Following that, the resistance level for the trendline at $62,500 will be next. In case of a breakthrough, the bull run can continue to reach the top of the price channel. With that, the next resistance level is expected to be at $63,200 at the top. Surpassing this level is crucial for further growth as the $63,650 and $64,250 will stand to resist the growth next.
On the other hand, if Bitcoin price fails to surpass either of the $62,100 or $62,500, there will likely be a downtrend to follow. For that scenario, the first support level is at $61,500 which is near the support level for the uptrend. Dipping below this level will bring further decline for BTC. The next support level is at $61,000 followed by the $60,500 near the 50% Fibonacci retracement level.
Further decline can bring the price closer to the $60k support. Losing this level would be followed by a bear run that can possibly cause a decline going as low as $58,500.
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 at 50.
Resistance levels: Right now, the $62,500 and $63,250 are crucial levels for BTC to surpass. Support levels: The $61,500 is currently the crucial support level for the price.
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