Bitcoin Price Faces Potential Dive: Key Support Levels to Monitor
June 26 2024 - 11:05PM
NEWSBTC
Bitcoin price failed to recover above the $62,500 resistance zone.
BTC is showing bearish signs and might decline again below the
$60,000 support. Bitcoin struggled to recover above the $62,200 and
$62,500 levels. The price is trading below $62,000 and the 100
hourly Simple moving average. There is a major bearish trend line
forming with resistance at $61,850 on the hourly chart of the
BTC/USD pair (data feed from Kraken). The pair might start another
decline unless there is a close above the $62,000 resistance zone.
Bitcoin Price Remains At Risk Bitcoin price started a recovery wave
above the $61,200 zone. BTC even attempted a move above the $62,000
resistance zone. However, the bears were active near the $62,500
zone. A high was formed at $62,454 and the price is now moving
lower. There was a move below the $61,500 level. The price declined
below the 23.6% Fib retracement level of the upward move from the
$58,448 swing low to the $62,454 high. Bitcoin price is trading
below $62,000 and the 100 hourly Simple moving average. There is
also a major bearish trend line forming with resistance at $61,850
on the hourly chart of the BTC/USD pair. The price is now stable
above the 50% Fib retracement level of the upward move from the
$58,448 swing low to the $62,454 high. If there is another
increase, the price could face resistance near the $61,500 level.
The first key resistance is near the $61,850 level and the trend
line. The next key resistance could be $62,000. A clear move above
the $62,000 resistance might start a steady increase and send the
price higher. In the stated case, the price could rise and test the
$62,500 resistance. Any more gains might send BTC toward the
$63,500 resistance in the near term. More Losses In BTC? If Bitcoin
fails to climb above the $62,000 resistance zone, it could start
another decline. Immediate support on the downside is near the
$60,450 level. The first major support is $60,000. The next support
is now forming near $59,500. Any more losses might send the price
toward the $58,500 support zone in the near term. Technical
indicators: Hourly MACD – The MACD is now gaining pace in the
bearish zone. Hourly RSI (Relative Strength Index) – The RSI for
BTC/USD is now below the 50 level. Major Support Levels – $60,500,
followed by $60,000. Major Resistance Levels – $62,000, and
$62,500.
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