In the fluctuating world of cryptocurrency, Bitcoin has recently experienced another dip in value, after struggling at a resistance peak near $64,550. The online currency has found itself sliding further below the $63,500 mark, with predictions suggesting the decline may not have reached its nadir just yet.
In a fresh downturn, Bitcoin was unable to maintain its standing at the $64,550 resistance level, as it took a downward leap. While actively trading below $63,500, it failed to find solace in the 100 hourly Simple Moving Average pattern. To add to Bitcoin’s woes, a connecting bearish trend line began to take shape, with resistance fiercely holding out at $63,600, according to the hourly chart of the BTC/USD pair.
As the currency grapples with these losses, Bitcoin investors are left questioning whether it can avoid falling below the $62,700 and $62,500 support levels. If a succinct downturn below these markers ensues, the pair could slide further into the losses column, a prospect that doesn’t bode well for BTC enthusiasts.
Bitcoin’s hopes of recovery above the $65,000 level remained unfulfilled, as it grappled underneath the $64,550 mark before entering its current nosedive. This trajectory dipped gradually beneath lows of $64,000 and $63,500, eventually sinking below the dreaded $63,000 level. Bitcoin currently teeters precariously, with an all-time low settling in at $62,700.
In the midst of all this turbulence, a gleam of hope still persists for Bitcoin. If a recovery wave can gather momentum, potential resistance projected near the $63,550 mark could be faced head-on. Nudging this further could be the 23.6% Fib retracement mark, charting its downward journey from the $66,444 swing high to the lowly $62,700.
Major resistance is expected at $64,000, with the next major price theatricals predicted at the key resistance mark of $64,500; this stands in line with the 50% Fib retracement level of the downward slip. A successful move above this resistance might engender a steady incline, possibly testing the formidable $65,500 marker.
However, on the flips side, Bitcoin’s journey may continue to tread the downhill path if it remains unable to sidestep the $63,550 resistance zone. Downside support markers paint a clearer picture of this, with a proximate holdout at the $62,700 level. Any further losses may send Bitcoin spinning towards the precarious $61,200 support zone.
With the MACD steadily gaining ground in the bearish zone and the RSI for BTC/USD plummeting beneath the 50 level, eyes are keenly focused on the major support levels foreseeably at $62,700 and then $62,200. Resistances continue to fiercely hold their front at $63,550 and $64,500, leaving investors and market watchers in suspense of Bitcoin’s next move.
