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Bitcoin Price Analysis: BTC Bears In Control Below $63K

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  • 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.

Bitcoin price is declining below $61,000 against the US Dollar. BTC might extend losses if it stays below the $62,000 resistance zone.

Bitcoin Price Analysis

Bitcoin price started a fresh decline below the $64,000 zone. There was a steady decline below the $63,000 and $63,000 levels to move further in a bearish zone.

The bears even pushed the price below the $61,000 and $60,000 support levels. Finally, the price tested the $59,000 zone. A low was formed near $59,040 and the price is now consolidating losses. It is trading below $61,000 and the 55 simple moving average (4 hours).

There is also a key bearish trend line forming with resistance near $62,000 on the 4-hour chart of the BTC/USD pair. Immediate resistance on the upside is near the $61,000 level and 23.6% Fib retracement level of the downward move from the $67,272 swing high to the $59,040 low.

The next major resistance might be near the $63,000 zone or the trend line or the 50% Fib retracement level of the downward move from the $67,272 swing high to the $59,040 low.

A clear move above the $63,000 level might send the price toward $64,000. The main resistance is now forming near the $65,350 zone, above which the price might rise toward the $67,500 level. Any more gains might push the price toward the $70,000 zone.

If there is no upside break, the price might decline below the $59,000 level. The first major support is near $58,500. The next key support is near the $56,800 level, below which the price might accelerate lower. In the stated case, the price could decline toward the $55,500 level.

Bitcoin Price
Bitcoin Price

Looking at the chart, Bitcoin price is clearly trading below $62,000 and the 55 simple moving average (4 hours). Overall, the price could face heavy resistance near the $63,000 zone in the near term.

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.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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