- Bitcoin surged to a record peak surpassing $69,000, then experienced a notable decline, now stabilizing around $63,000 with a possible decline to the $60,000 support level in sight.
- The hourly BTC/USD chart shows a pivotal uptrend line breach at $66,000, suggesting an extended drop may reach the crucial support area of $60,000.
Bitcoin just gave us another taste of its unpredictable journey. After reaching an astonishing new peak above $69,000, the most coveted digital asset has experienced a drop that has left many investors and enthusiasts with their mouths hanging open. But what’s next for the king of cryptocurrencies?
According to recent data, Bitcoin is in a process of consolidation near $63,000, a move that anticipates the possibility of a decline towards the $60,000support level . This pullback has not only surprised investors but also marked the uptrend we had been watching.
As ETHNews previously noted, the break of an important uptrend line with support at $66,000 on the hourly chart of BTC/USD signals a possible extension of losses towards the crucial $60,000support zone . This technical indicator, often used by traders to predict future moves, suggests that we could be looking at the start of a deeper correction.
But it’s not all doom and gloom
Even after dropping from a peak around $59,150, Bitcoin is trying to mount a comeback, encountering resistance around $64,000 and the 100-hour SMA. The crucial question is if it can surpass the $64,200 mark, a pivotal juncture that might pave the way to further advances, aiming for the resistance area at $65,500.
The Risks of Not Keeping Pace
As we read in ETHNews, should Bitcoin not surpass the resistance area of $64,200, it might signal the beginning of a further decline. The nearest support level is positioned around $62,000, followed by a significant support mark at $61,500. Falling below this point could lead to a significant retracement to the $60,000 zone. Continuation of the downturn could see the value drop to the support level at $58,500.
This showcases the fundamental unpredictability of the cryptocurrency sector, where each fluctuation in price unveils various opportunities for traders. Analytical tools like the MACD and RSI, presently indicating a bearish momentum and a value beneath 50, respectively, provide vital insights into the potential forthcoming trajectory of Bitcoin.
At the time of this writing Bitcoin is trading at $63,490.01
