Bitcoin experienced a significant drop, falling below the $63,500 mark and initiating a fresh downtrend. The cryptocurrency is now stabilizing above $60,000 but faces multiple obstacles in its path to recovery.
From the $65,000 resistance zone, Bitcoin has plummeted over 5%. The current price is trading below $63,500 and the 100-hourly simple moving average, indicating a bearish trend. This is further substantiated by a connecting bearish trend line, which shows resistance at $62,800 on the hourly BTC/USD chart.
Despite its current position, there remains a possibility for Bitcoin to rebound, provided it stays above the $60,500 support zone. The recent decline saw BTC break crucial support levels at $64,000 and $63,500, entering a short-term bearish zone and dipping below $61,500. A low of $60,281 was recorded, with the price now consolidating those losses and trading close to the 23.6% Fibonacci retracement level from the $66,055 high to the $60,281 low.
Currently, Bitcoin is under $62,500 and its 100-hourly simple moving average. Should the cryptocurrency attempt a rise, it will encounter initial resistance around the $61,650 mark. A more significant resistance stands at $62,500, aligned with the bearish trend line resistance at $62,800. Overcoming this resistance could propel the price higher, targeting the $63,200 mark, which is near the 50% Fibonacci retracement level from the recent high to the low.
Successfully surpassing the $63,200 resistance could lead to further gains, aiming for the $64,000 resistance level, with additional progress potentially pushing the price toward $65,000.
Conversely, if Bitcoin struggles to breach the $62,800 resistance, it might continue its downward trajectory. Immediate support is visible near the $61,000 level, with significant support at $60,500 and $60,000. A failure to maintain these levels could see Bitcoin tumbling toward the $58,500 support in the near term.
Technical indicators show the hourly MACD losing momentum in the bearish region, while the hourly RSI for BTC/USD is below the 50 threshold. Key support levels stand at $60,500 and $60,000, with primary resistance levels at $61,650 and $62,800.
