Bitcoin was downgraded to as low as $ 59,500, But it is now making up for the losses and will likely hit $ 63,250 soon.
Before the bearish correction began, Bitcoin had reached a high of $ 66,982 and set a new price record. Support levels of $ 65,000 and $ 63,250 collapsed one after another during the correction.
Meanwhile, the 100-hour moving average was broken, and $ 62,000 support fell. Eventually, there was a jump to $ 60,000 under psychological support until the cows finally showed up in the $ 59,500 range. The lowest price level recorded in this round of falls is $ 59,610, and Bitcoin (BTC) has tried to return to the high levels after reaching this range.
So far, Bitcoin has returned above $ 60,500 and $ 61,000 during the uptrend; The 23.6% Fibonacci retracement level of the recent fall from the top of $ 66,982 to the bottom of $ 59,610 has also been left behind.
In the hourly chart of the BTC / USD pair, the downtrend line with the resistance that had created around $ 61,000 has also been broken. Bitcoin is currently resisting the $ 62,000 range and moving average. By overcoming the resistance of this range, the doors will be opened for a new ascent.
The next significant resistance is around $ 63,250; Where the 50% Fibonacci level is observed. Crossing this range would indicate a move towards $ 64,000. The next significant resistance is in the $ 65,000 range.
But if Bitcoin fails to break the $ 63,250 resistance, corrections will likely resume. In this case, the nearest downstream support level is around $ 61,200.
Below, $ 60,000 psychological support is the main support; Its collapse will set the stage for Bitcoin (BTC) to fall to $ 58,000 support.
Before the bearish correction began, Bitcoin had reached a high of $ 66,982 and set a new price record. Support levels of $ 65,000 and $ 63,250 collapsed one after another during the correction.
Meanwhile, the 100-hour moving average was broken, and $ 62,000 support fell. Eventually, there was a jump to $ 60,000 under psychological support until the cows finally showed up in the $ 59,500 range. The lowest price level recorded in this round of falls is $ 59,610, and Bitcoin (BTC) has tried to return to the high levels after reaching this range.
So far, Bitcoin has returned above $ 60,500 and $ 61,000 during the uptrend; The 23.6% Fibonacci retracement level of the recent fall from the top of $ 66,982 to the bottom of $ 59,610 has also been left behind.
In the hourly chart of the BTC / USD pair, the downtrend line with the resistance that had created around $ 61,000 has also been broken. Bitcoin is currently resisting the $ 62,000 range and moving average. By overcoming the resistance of this range, the doors will be opened for a new ascent.
The next significant resistance is around $ 63,250; Where the 50% Fibonacci level is observed. Crossing this range would indicate a move towards $ 64,000. The next significant resistance is in the $ 65,000 range.
But if Bitcoin fails to break the $ 63,250 resistance, corrections will likely resume. In this case, the nearest downstream support level is around $ 61,200.
Below, $ 60,000 psychological support is the main support; Its collapse will set the stage for Bitcoin (BTC) to fall to $ 58,000 support.
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