Bitcoin Battles Resistance, Risks Downward Spiral

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The capricious nature of Bitcoin was once again in demonstrable mode as the digital currency grappled with the fierce resistance at $63,650, faltering in its upward thrust, and voluntarily triggering a correction in gains. Following this counter-move, it’s plausible that Bitcoin may do a u-turn, recalibrating its course and retracing its steps to reconnect with the $60,850 support zone.

The digital currency’s upward trajectory which seemed promising was abruptly halted at the $63,650 checkpoint, which turned out to be a stiff resistance. Cycling at simmering momentums beneath the $62,500 threshold and the 100 hourly Simple Moving Average, Bitcoin found itself on a twisty path racing downwards.

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In this winding descent, a bearish trend line began sketching itself, wrestling with resistance sitting at the comfortable cushion of $61,850 on a very basic hourly chart of the BTC/USD pair. With its departure from the $62,250 resistance zone, the cryptocurrency could potentially find itself in a strenuous uphill battle to regain vitality and vigor.

Bitcoin’s war for supremacy over the $63,650 and $63,800 markers turned out to be arduous and wearisome. Trapped in a limbo at the crest of $63,798, the Bitcoin ocean was set on a reflux tide, pulling price points downwards to a complete reversal.

Effortlessly tumbling down and licking the dust below the $63,000 footprint, the bears had the upper hand, bullying Bitcoin to cave in below the $62,500 level and the 100-hour simple moving average. A calculated slide below the 50% Fib retracement level of the seaward journey from the $59,951 valley to the $63,798 Everest further added fuel to the downward spiral.

At present, Bitcoin is engaging in a duel beneath the $62,500 mark and the 100 hourly Simple moving average. Zealous bulls valiantly hustle to fortify the $61,400 territory and the 61.8% Fib retracement level of the escalation from the $59,951 base to the $63,798 facing the clouds. In the event of another ascent, the price trajectory could potentially butt heads with a resistance near the $61,850 mark and the corresponding trend line.

The maiden key resistance proudly sits at the $62,250 level, with its successor stationing at $62,500. Tiptoeing and successfully balancing above the $62,500 resistance level, could instigate a steady climb and launch Bitcoin to higher latitudes.

In the converse circumstance, should Bitcoin fail in its conquest over the $62,250 resistance demarcation, it may continue to tumble further downhill. This could be a quick meet-and-greet with the immediate support eagerly waiting at the $61,400 level.

The first noteworthy cushioning device lies at $60,850 with the next one forming at the vicinity of $60,500. Any further waning may land Bitcoin in the lap of the $60,000 support area.

Finally, the technical barometers, the Hourly MACD and Hourly RSI, demonstrate an interesting curve. The MACD is steadily gaining speed in the bearish sphere while the RSI for BTC/USD has slipped below the 50 mark, clearly indicating significant changes in the offing. Major support levels have emerged as $61,400, shadowed by $60,850. The major resistance forces to be reckoned with stand guard at $62,250 and $62,500. All this indicates an interesting fluctuation within the digital currency domain, which, as always, keeps investors on their toes.