Bitcoin price is going through a price correction as we speak. It is likely that the price could go as low as $60,000. Here is a summary of Bitcoin price in the past 24 hours:

  • Bitcoin failed to stabilize above $62,000
  • Currently, the price is below $62,000 and the 1-hour candles are below the SMA100.
  • For the 1-hour chart, we can see a downtrend with resistance level at $62,300.
  • It is likely that the decline continues and the $60,500 and $60,000 support levels fail to stop the decline.

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Bitcoin Price Action Analysis

The Bitcoin Bull run lost momentum by reaching $64,000 and turned for a subsequent downtrend. The lowest recorder price in the past few hours has been $59,824 and then the recovery began. As of now, the price is moving toward the 23.6% Fibonacci retracement level from the latest fall from $63,700 to $59,824.

The first resistance levels for BTC are $60,800 and $61,000. Following them, we have a crucial resistance at $61,750 and the SMA100. The 50% Fibonacci retracement level is located around $61,800.

The primary breakout resistance level is at $62,000. For the 1-hour chart, a new downtrend is forming with resistance level at $62,300. A successful breakthrough from this level and surpassing $62,500 could pave the way for BTC to reach $63,200. The next important resistance level will be at $64,000.

On the other hand, if Bitcoin price fails to surpass the $62,000, the downtrend will continue. In that case, the first support level will be at $60,000.

The next crucial support will be at $59,500. By dipping below this level, the price could approach $58,000 in short-term.

The Technical Indicators

MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on a downward movement.

RSI: the 1-hour relative strength index is currently below 50.

Resistance levels: Right now, the $61,200, $62,000 and $62,300 are crucial levels for BTC to surpass.

Support levels: the $60,000 and $59,500 zone is the important support level that will cause further decline if broken.

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