Bitcoin continues to grapple below the formidable $65,000 resistance zone, with ongoing fluctuations casting uncertainty around the future of the well-known cryptocurrency. Experts suggest that the cryptomarket heavyweight must hold steady above the $60,000 support threshold to avert the possibility of a significant downturn.
The recent trading performance of Bitcoin has been underwhelming, struggling to gain momentum for a surge above the $65,000 resistance. Trading has been oscillating beneath $63,000, while also under the 100 hourly Simple Moving Average (SMA), which is not a great sign for investors hoping for a bullish surge.
A key bearish trend line is currently emerging, with resistance finding its balance at $62,650 on the hourly chart of the Bitcoin to U.S. dollar (BTC/USD) pair. Notwithstanding the bearish overtones, there is a glimmer of potential for a bullish surge if the currency manages to push past the $63,000 resistance mark.
In failed bids to break through the $64,500 resistance zone, Bitcoin’s price topped out at $64,450 before embarking on another descent. A drop below the $63,000 and $62,000 levels ensued, with a brief spike sending the price crashing under the $60,000 threshold. A low point was charted near $59,700, but the currency appears to be mustering a renewed push.
Despite the fall, Bitcoin has managed to claw its way above the 23.6% Fibonacci retracement level of the recent dip. However, an immediate barricade remains near the $62,000 level, proximate to a 50% Fibonacci retracement of the recent fall in price.
The first sizeable hurdle lies at $62,650 followed by another at the $63,000 mark. A decisive break above these barriers could pave the way for a continuation of uptrends and may lift the price towards $64,500.
Further challenges lie near the $65,000 zone, with additional gains potentially propelling Bitcoin towards a $66,500 resistance in the ensuing period.
However, these prospects are threatened if Bitcoin fails to rise above the $63,000 resistance zone. Potential for downwards movement is looming large, with immediate support on the downside near the $60,800 mark. Any sustained dip below $60,000 could usher in a rapid tumble, potentially sinking the price towards the $59,200 mark. Further losses could plunge the currency towards the $58,500 support zone.
As current market trends stand, the Moving Average Convergence Divergence (MACD) is slackening in the bearish zone. The Relative Strength Index (RSI) for Bitcoin to U.S. dollar sits beneath the 50 level. These are sobering indicators that could call for investors to brace themselves for potential tumultuous times ahead.