Bitcoin Price Reaches Rejection Zone: Can It Overcome the Resistance?
26 June 2024 - 12:41PM
NEWSBTC
Bitcoin price recovered above the $62,000 resistance zone. BTC must
clear the $62,500 resistance zone to continue higher in the near
term. Bitcoin started a recovery wave above the $61,500 and $62,000
levels. The price is trading below $63,000 and the 100 hourly
Simple moving average. There is a key bearish trend line forming
with resistance at $62,500 on the hourly chart of the BTC/USD pair
(data feed from Kraken). The pair might struggle to rise above the
$62,500 and $63,000 resistance levels. Bitcoin Price Faces
Resistance Bitcoin price extended losses below the $60,000 support
zone. BTC even tested the $58,500 support zone, where the bulls
emerged. A low was formed at $58,448 and the price is now
correcting losses. There was a decent increase above the $60,000
level. The price climbed above the 50% Fib retracement level of the
downward wave from the $64,460 swing high to the $58,448 low. It
even moved above the $62,000 pivot level. However, Bitcoin price is
still trading below $63,000 and the 100 hourly Simple moving
average. The price seems to be facing a rejection zone near the
$62,500 resistance, as discussed yesterday. There is also a key
bearish trend line forming with resistance at $62,500 on the hourly
chart of the BTC/USD pair. It is close to the 61.8% Fib retracement
level of the downward wave from the $64,460 swing high to the
$58,448 low. The next key resistance could be $63,000. A clear move
above the $63,000 resistance might start a steady increase and send
the price higher. In the stated case, the price could rise and test
the $63,500 resistance. Any more gains might send BTC toward the
$65,000 resistance in the near term. Another Decline In BTC? If
Bitcoin fails to climb above the $62,500 resistance zone, it could
start another decline. Immediate support on the downside is near
the $60,500 level. The first major support is $60,000. The next
support is now forming near $59,500. Any more losses might send the
price toward the $58,500 support zone in the near term. Technical
indicators: Hourly MACD – The MACD is now gaining pace in the
bullish zone. Hourly RSI (Relative Strength Index) – The RSI for
BTC/USD is now above the 50 level. Major Support Levels – $60,500,
followed by $60,000. Major Resistance Levels – $62,500, and
$63,000.
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