Bitcoin Price Holds Firm: Key Support Maintained Amid Market Uncertainty
May 14 2024 - 11:31PM
NEWSBTC
Bitcoin price is holding the key support at $60,000. BTC could
start another increase and rise toward the range resistance at
$63,500. Bitcoin is still trading in a range between $60,000 and
$63,500. The price is trading above $61,500 and the 100 hourly
Simple moving average. There was a break above a connecting bearish
trend line with resistance at $61,550 on the hourly chart of the
BTC/USD pair (data feed from Kraken). The pair could gain bullish
momentum if it clears $62,200 and $62,500. Bitcoin Price Remains
Steady Bitcoin price started another decline from the $63,500
resistance zone. BTC traded below the $62,500 and $62,200 support
levels. A low was formed at $61,000 and the price started a
recovery wave. There was a move above the $61,250 and $61,500
levels. Besides, there was a break above a connecting bearish trend
line with resistance at $61,550 on the hourly chart of the BTC/USD
pair. There was a move above the 23.6% Fib retracement level of the
recent decline from the $63,400 swing high to the $61,000 low.
Bitcoin is still trading above $61,500 and the 100 hourly Simple
moving average. Immediate resistance is near the $62,200 level or
the 50% Fib retracement level of the recent decline from the
$63,400 swing high to the $61,000 low. The first major resistance
could be $62,500. The next key resistance could be $63,000. A clear
move above the $63,000 resistance might send the price higher. The
main resistance now sits at $63,500. If there is a close above the
$63,500 resistance zone, the price could continue to move up. In
the stated case, the price could rise toward $65,000. Another Drop
In BTC? If Bitcoin fails to climb above the $62,500 resistance
zone, it could start another decline. Immediate support on the
downside is near the $61,550 level and the 100 hourly Simple moving
average. The first major support is $61,000. If there is a close
below $61,000, the price could start to drop toward $60,400. Any
more losses might send the price toward the $60,000 support zone in
the near term. Technical indicators: Hourly MACD – The MACD is now
gaining pace in the bullish zone. Hourly RSI (Relative Strength
Index) – The RSI for BTC/USD is now above the 50 level. Major
Support Levels – $61,550, followed by $61,000. Major Resistance
Levels – $62,200, $62,500, and $63,500.
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