- Bitcoin price started a fresh decline below the $62,000 level against the US Dollar.
The price is now trading below $62,000 and the 55 simple moving average (4 hours).
There is a key bearish trend line forming with resistance near $62,000 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
The pair could face heavy resistance near the $63,000 zone in the near term.
As a seasoned analyst with extensive experience in cryptocurrency markets, I’ve closely observed the recent decline of Bitcoin price below the $62,000 level against the US Dollar. The bearish trend is becoming increasingly evident, as the price now trades below both the 55 simple moving average (4 hours) and a key bearish trend line with resistance near $62,000 on the 4-hour chart of the BTC/USD pair.
The price of Bitcoin is dipping below the $61,000 mark against the US Dollar. If Bitcoin fails to surpass the $62,000 resistance, it could lead to further decreases.
Bitcoin Price Analysis
The price of Bitcoin took a downturn, falling below the $64,000 mark for the first time in a while. It continued to drop steadily past the $63,000 and $62,000 thresholds, signaling a potential bearish trend.
The bears managed to drive the price down past the $61,000 and $60,000 support thresholds. At last, the price approached the $59,000 area for a test. A new low was established around $59,040, and currently, the market is consolidating its losses. The price hovers below $61,000 and is also under the 4-hour simple moving average.
As an analyst, I’ve noticed a significant downtrend developing in the BTC/USD pair on the 4-hour chart. This bearish trend is forming with increasing resistance around the $62,000 price level. Currently, there are immediate resistances for the price action at the $61,000 mark and the 23.6% Fibonacci retracement level derived from the downswing between the $67,272 high and the $59,040 low.
As a crypto investor, I’m constantly monitoring the market for potential resistance levels for Bitcoin. One possible resistance point could be in the vicinity of $63,000 or at the trend line. Another possibility is the 50% Fibonacci retracement level, which was reached when the price dropped from the swing high of $67,272 to the low of $59,040.
As a researcher observing the market trends, I would interpret it this way: Reaching a price point clearly above $63,000 could potentially propel the price further up to $64,000. The primary resistance, however, lies in the vicinity of $65,350. Overcoming this obstacle might lead the price to ascend towards the $67,500 level. Any additional gains could then potentially push the price even closer to the $70,000 zone.
If the price doesn’t rise above $59,000, it may drop down to around $58,500. Further support can be found at approximately $56,800. Should the price fall below this point, its descent could pick up speed and potentially reach around $55,500.
Based on the given chart, the Bitcoin price currently hovers around $61,000, which is under both the current market price and the 4-hour simple moving average at approximately $62,000. In the short term, the Bitcoin price may encounter significant resistance when approaching the $63,000 area.
Technical Indicators
4 hours MACD – The MACD is now gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.
Key Support Levels – $59,000 and $58,500.
Key Resistance Levels – $61,000, $62,000, and $63,000.
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2024-05-01 07:10