Bitcoin Struggles to Reclaim $62,500 Amidst Bearish Trendline Fears

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The narrative of Bitcoin’s price continues to be as enigmatic and volatile as the cryptocurrency itself. The latest chapter unfolds as Bitcoin battles to recover beyond the $62,500 resistance level, instead showing signs of a potential decline below the $60,000 support threshold.

Despite a spirited struggle to surge above the $62,200 and $62,500 marks, Bitcoin remains shackled below this critical threshold. With each hourly tick, the price hovers beneath $62,000, highlighting yet another instance where the Simple Moving Average underpins the crypto giant’s bearishness.

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Adding to the saga, a significant bearish trend line has taken shape, rooting its resistance at $61,850. This development is crucial – if BTC can’t close above the $62,000 resistance zone soon, another decline could be on the horizon.

Unravelling further, Bitcoin’s recovery wave had once seen the price crest above the $61,200 zenith. A bold move above the formidable $62,000 resistance zone was hotly pursued, yet the presence of the bears was manifestly evident at the $62,500 level.

The peak of this sequence materialized at $62,454, after which the price began its downward descent. This bearish turn saw a swoop past $61,500, with the price dipping 23.6% below the Fib retracement level. It marked an abrupt end to the elevated move from the $58,448 swing low to the high of $62,454.

The ebb and flow of Bitcoin’s price continue as it bobs beneath $62,000 and the 100 hourly Simple moving average. The bulwark of the bearish trend line, with resistance pegged firmly at $61,850, looms large on the BTC/USD pair’s hourly chart.

The Bitcoin ship is now holding course above the 50% Fib retracement level, though another increase could hit heavy weather near the $61,500 level. The initial major resistance is situated around the $61,850 level and trend line.

Gazing ahead, the next substantial resistance could materialize at $62,000. If the tide changes and a lucid surge pushes beyond the $62,000 resistance, it could herald a steady ascent, spiralling the price higher. In this scenario, the price might even dare to challenge the $62,500 resistance. More gains could possibly propel Bitcoin towards the tantalizing $63,500 resistance in the near term.

But what of potential losses for Bitcoin? If it can’t ascend above the $62,000 zone, another decrease looms. Instant support on the downside hovers perilously near the $60,450 mark. The initial significant support lays in wait at $60,000, with the subsequent support forming near $59,500. Additional losses could redirect Bitcoin towards the $58,500 support zone in the near future.

The financial graphs indicate that the MACD is gaining momentum in the bearish zone. Furthermore, the Relative Strength Index for BTC/USD is now languishing below 50, painting a cautious picture for investors. As the crypto giant grapples with its resistance and support levels of $62,000/$62,500 and $60,500/$60,000 respectively, market watchers wait in bated breath for its next move.

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Melinda Cochrane is a poet, teacher and fiction author. She is also the editor and publisher of The Inspired Heart, a collection of international writers. Melinda also runs a publishing company, Melinda Cochrane International books for aspiring writers, based out Montreal, Quebec. Her publication credits include: The art of poetic inquiry, (Backalong Books), a novella, Desperate Freedom, (Brian Wrixon Books Canada), and 2 collections of poetry; The Man Who Stole Father’s Boat, (Backalong Books), and She’s an Island Poet, Desperate Freedom was on the bestseller's list for one week, and The Man Who Stole Father’s Boat is one of hope and encouragement for all those living in the social welfare system. She’s been published in online magazines such as, (regular writer for) ‘Life as a Human’, and Shannon Grissom’s magazine.