2 October 2024
Bitcoin price started a fresh decline below the $63,500 level. BTC is now consolidating above $60,000 and might face many hurdles on the upside.
Bitcoin is down over 5% from the $65,000 resistance zone.
The price is trading below $63,500 and the 100 hourly Simple moving average.
There is a connecting bearish trend line with resistance at $62,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if it stays above the $60,500 support zone.
Bitcoin Price Takes Hit
Bitcoin price started a fresh decline from the $65,000 resistance. BTC broke the $64,000 and $63,500 support levels to move into a short-term bearish zone.
The price even dipped below $61,500. A low was formed at $60,281 and the price is now consolidating losses. The price is now trading near the 23.6% Fib retracement level of the downward move from the $66,055 swing high to the $60,281 low.
Bitcoin is now trading below $62,500 and the 100 hourly Simple moving average. If there is a fresh increase, the price could face resistance near the $61,650 level. The first key resistance is near the $62,500 level. There is also a connecting bearish trend line with resistance at $62,800 on the hourly chart of the BTC/USD pair.
A clear move above the $62,800 resistance might send the price higher. The next key resistance could be $63,200. It is close to the 50% Fib retracement level of the downward move from the $66,055 swing high to the $60,281 low.
A close above the $63,200 resistance might spark more upsides. In the stated case, the price could rise and test the $64,000 resistance level. Any more gains might send the price toward the $65,000 resistance level.
More Losses In BTC?
If Bitcoin fails to rise above the $62,800 resistance zone, it could continue to move down. Immediate support on the downside is near the $61,000 level.
The first major support is near the $60,500 level. The next support is now near the $60,000 zone. Any more losses might send the price toward the $58,500 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $60,500, followed by $60,000.
Major Resistance Levels – $61,650, and $62,800.