Bitcoin Price Dips Again as BTC Fails to Clear the $63,650 Resistance Zone

Bitcoin price struggled to extend gains above the $63,650 and $63,800 resistance levels. A high was formed at $63,798 and the price started a downside correction.

Bitcoin price failed to continue higher above the $63,650 resistance zone. Now, BTC is correcting gains and might revisit the $60,850 support.

Bitcoin Price Dips Again

Bitcoin price tried hard to extend gains above the $63,650 and $63,800 resistance levels. A high was formed at $63,798, and the price started a downside correction.

The price declined below the $63,000 level. The bears were able to push it below the $62,500 level and the 100 hourly Simple moving average. It also slipped below the 50% Fib retracement level of the upward move from the $59,951 swing low to the $63,798 high.

Currently, Bitcoin price is trading below $62,500 and the 100 hourly Simple moving average. There is also a connecting bearish trend line forming with resistance at $61,850 on the hourly chart of the BTC/USD pair.

The bulls are now trying to protect the $61,400 zone and the 61.8% Fib retracement level of the upward move from the $59,951 swing low to the $63,798 high. If there is another increase, the price could face resistance near the $61,850 level and the trend line.

The first key resistance is around the $62,250 level. The next key resistance could be at $62,500. A clear move above the $62,500 resistance might start a steady increase and push the price higher.

In that case, the price could rise and test the $63,250 resistance. Any further gains may propel BTC towards the $63,650 resistance in the near term.

More Losses In BTC?

If Bitcoin fails to climb above the $62,250 resistance zone, it could continue to move down. Immediate support on the downside is close to the $61,400 level.

The first major support is at $60,850. The next support is now forming near $60,500. Any more losses might send the price towards the $60,000 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $61,400, followed by $60,850.

Major Resistance Levels – $62,250, and $62,500.

The above is the detailed content of Bitcoin Price Dips Again as BTC Fails to Clear the $63,650 Resistance Zone. For more information, please follow other related articles on the PHP Chinese website!