Bitcoin Price Stuck In Key Range, What Could Spark Major Move?
14 Mai 2024 - 6:51AM
NEWSBTC
Bitcoin price managed to stay above the $60,000 support. BTC
recovered and is now facing hurdles near the $63,500 resistance
zone. Bitcoin seems to be trading in a range between $60,000 and
$63,500. The price is trading above $61,800 and the 100 hourly
Simple moving average. There was a break above a major bearish
trend line with resistance at $61,400 on the hourly chart of the
BTC/USD pair (data feed from Kraken). The pair could rally if it
clears $63,500 or might revisit the range support at $60,000.
Bitcoin Price Trims Gains Bitcoin price extended its decline below
the $60,800 support zone. However, the bulls were active above the
$60,000 support zone. A low was formed at $60,220 and the price
started a recovery wave. There was a move above the $61,000 and
$61,200 levels. Besides, there was a break above a major bearish
trend line with resistance at $61,400 on the hourly chart of the
BTC/USD pair. The pair rallied and revisited the main hurdle at
$63,500. A high was formed at $63,400 and the price is now
consolidating gains. It traded below the 23.6% Fib retracement
level of the upward move from the $60,220 swing low to the $63,400
high. Bitcoin is still trading above $62,000 and the 100 hourly
Simple moving average. Immediate resistance is near the $62,800
level. The first major resistance could be $63,000. The next key
resistance could be $63,500. A clear move above the $63,200
resistance might send the price higher. Source: BTCUSD on
TradingView.com 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 Decline In BTC? If Bitcoin fails to climb
above the $63,200 resistance zone, it could start another decline.
Immediate support on the downside is near the $62,200 level. The
first major support is $61,800 or the 50% Fib retracement level of
the upward move from the $60,220 swing low to the $63,400 high. If
there is a close below $61,800, the price could start to drop
toward $61,200. Any more losses might send the price toward the
$60,250 support zone in the near term. Technical indicators: Hourly
MACD – The MACD is now losing pace in the bullish zone. Hourly RSI
(Relative Strength Index) – The RSI for BTC/USD is now near the 50
level. Major Support Levels – $61,800, followed by $61,200. Major
Resistance Levels – $63,200, $63,500, and $65,000.
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