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HomeNewsBitcoin From Historic Highs to Critical Levels - Between Support and Resistance

Bitcoin From Historic Highs to Critical Levels – Between Support and Resistance

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  • 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.

BTCUSD
Source: BTCUSD on TradingView.com

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

Disclaimer: ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628
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