Despite the recent turbulence in Bitcoin’s price, it remains securely above the $60,550 benchmark. The flagship cryptocurrency could find itself on more stable footing if it ranges above the $62,400 resistance. Nonetheless, Bitcoin continues to face hurdles in rising above levels of $62,200 and $62,400, creating a sense of unease among investors.
In current trade conditions, Bitcoin lingers above the $61,500 mark, shadowing the 100 hourly Simple Moving Average. There was a notable breakthrough above a critical bearish trend line that resisted at $61,250 on the hourly graph of the BTC/USD pair. This data, drawn from Kraken, suggests possible fluctuations unless the cryptocurrency settles above the $62,400 resistance zone.
Perpetual resistance at $62,400 caused Bitcoin to experience difficulties as it endeavored to ascend. The currency experienced a dip below the $62,000 mark, yet bears successfully shielded the $60,550 support. Now, Bitcoin is consolidating after peaking at a recent high of $62,297.
In another promising turn, Bitcoin overcame a significant bearish trend line that resisted at $61,250, as seen on the hourly BTC/USD chart. The cryptocurrency is hovering above the 50% Fibonacci retracement level stemming from an upward shift from the $60,580 low to the $62,297 high.
Currently, Bitcoin trades above $61,500 and the 100 hourly Simple Moving Average. If there’s another uptick, resistance is to be expected around the $62,250 mark, with the first significant resistance residing near the $62,400 threshold.
The next crucial resistance after this could linger around $62,500. Any distinct upward movement above the stated resistance could ignite a consistent upswing, catapulting the price further. Given these conditions, Bitcoin could surge to test the $63,500 resistance. If the currency gains even more strength, the next key resistance at $64,400 might be within reach.
However, if Bitcoin stumbles below the $62,400 resistance, it could trigger another downturn. Immediate backing on the downward shift lies at the $61,450 level and the 100 hourly Simple Moving Average.
Substantial defenses reside at $61,150 and the 61.8% Fibonacci retracement level. This level looks at the ascent from the $60,580 low to the $62,297 peak. If the price sinks below the $60,550 mark, it might set course for the $58,500 support zone.
From a technical perspective, the MACD is decreasing momentum in the bearish field, while the RSI for BTC/USD is now skirting above level 50. Major support lies at $61,150 and $60,550, with substantial resistance maintaining positions at $62,250 and $62,400.
