Bitcoin Struggles to Break $63K Resistance, Eyes Looming Bearish Zone Below $60K

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In a fiscal rollercoaster, Bitcoin’s value displays bearish indications beneath a stubborn resistance pocket of $63,000. To ward off an impending downturn, the digital currency needs to keep its footing firm above the crucial support zone of $60,000.

Forever the one to defy predilections, Bitcoin remains in a fight to stimulate the momentum needed to surpass the formidable $63,000 resistance area. Currently, Bitcoin’s value floats under $62,800, even dipping beneath the 100 hourly Simple Moving Average. A connecting bullish trend line, that provided much-needed support at $62,400, was momentarily broken on the hourly chart as per the BTC/USD pair data from Kraken. If Bitcoin takes a tumble below the supportive zone of $60,000, a bearish wave might pick up a daunting pace.

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In a recent series of events, Bitcoin’s price underwent yet another rise, pushing past the $61,500 resistance frontier. Following this came a clearance of resistance notches at $62,500 and $63,000. Indeed, it even briefly enjoyed a climb above $64,000, however, a triumphant conquest of the decisive $65,000 mark was left unfulfilled.

Peaking at $64,142, the digital currency experienced a sharp downward turn. A previously reliable bullish trend line, wedged at $62,400, was broken and the price nosedived below the $60,800 mark to retest the depths of $59,650. Bottoming at approximately $59,666, the elusive cryptocurrency is now trying an upward swing.

Teetering below $62,800 and the 100 hourly Simple Moving Average, Bitcoin has its eyes set on immediate resistance around $62,000. Flirting near the 50% Fibonacci retracement level, Bitcoin attempts to recover from its slip between the $64,142 peak to the $59,666 trough.

Key sustenance above the resistance figure of $63,000 would greatly favor the virtual asset. Lying in wait higher up is the next resistance at $64,200. Should Bitcoin chart a clear ascent above this precious resistance pocket, it may well carry the rally forward. Under such circumstances, Bitcoin could be looking at a promising target at $65,000.

As Bitcoin soars, it will find an onstage resistance waiting at $66,500. Further profitable climbs may navigate the valorous cryptocurrency toward the resistance region of $67,500 in the upcoming period.

However, should Bitcoin falter in conquering the resistance zone at $62,000, it may be poised on the precipice of another downward spiral. Its immediate safety net resides near the $60,800 level.

Crucial aid awaits at $60,000. If Bitcoin dips below this, a cascading effect toward the $59,550 mark could possibly be triggered. Further declines might then steer the digital turbocoin toward an imminent support at $58,500.

Technical indicators display that the MACD is accelerating its pace in the bearish zone. Bitcoin’s Relative Strength Index has ducked beneath the 50-level mark. The coming days will test Bitcoin’s resilience as it challenges major support levels at $60,800 and $60,000 and resistance figures of $62,000, $63,000, and $64,200.