Bitcoin prices encountered a downward correction after failing to surmount the $64,750 resistance, a significant dip that put the cryptocurrency below key thresholds including $64,000 and $63,500. A notable dive pushed it past the $63,000 mark, with a low establishing itself at $62,673, instigating a phase of loss consolidation.
Trading action saw Bitcoin rally past the $63,000 barrier, moving above the 23.6% Fibonacci retracement level that spans between the $64,770 swing high and the recent low. Despite these movements, Bitcoin remains under $63,500, also trailing the 100-hour Simple Moving Average.
A critical obstacle lies in a bearish trend line at $63,300 on the BTC/USD hourly chart. Successfully maneuvering past the $63,700 resistance could bolster Bitcoin’s price position. Overcoming this resistance is essential; failure may see Bitcoin trying the $64,000 mark, aligning with the 61.8% Fibonacci retracement level measuring from the high to the recent low. Achieving a close above $64,000 could ignite a further uptrend, potentially directing Bitcoin towards another test of the $64,750 pinnacle.
Conversely, should Bitcoin fall short of clearing the $63,700 resistance zone, a continued descent is likely. Immediate support is present at the $63,000 level, with substantial backing at $62,500. A breach below this support could plunge prices towards the $61,200 mark.
Technical indicators present a mixed outlook. The hourly MACD signals a slowing momentum in the bullish territory, while the hourly Relative Strength Index (RSI) registers below 50, indicating a bearish sentiment. Supports to watch include $63,000 followed by $62,500, while resistances are pegged at $63,600 and $64,000.
