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Bitcoin Price Stumbles Near $64K—Was The Rebound Just A Trap?

Bitcoin worth began a restoration wave above the $62,500 zone. BTC is consolidating and would possibly intention for extra positive factors if it clears the $64,000 resistance zone.

  • Bitcoin began a restoration wave and climbed above $62,000.
  • The worth is buying and selling above $62,200 and the 100 hourly easy transferring common.
  • There is a bullish pattern line forming with assist at $62,500 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair would possibly achieve bullish momentum if it settles above the $64,000 zone.

Bitcoin Price Recovery Faces Resistance

Bitcoin worth remained supported above the $60,500 zone. BTC shaped a base and settled above $61,500 to begin a restoration wave. There was a transfer above the $62,200 and $62,500 ranges.

The worth even surpassed the 23.6% Fib retracement stage of the downward move from the $74,100 swing high to the $59,106 low. However, the bears appear to be lively close to $64,000. The worth is once more transferring decrease under the $63,200 stage.

Bitcoin is now buying and selling above $62,500 and the 100 hourly simple moving average. Besides, there’s a bullish pattern line forming with assist at $62,500 on the hourly chart of the BTC/USD pair.

If the worth stays secure above $62,500, it may try a recent enhance. Immediate resistance is close to the $63,500 stage. The first key resistance is close to the $64,000 stage. A shut above the $64,000 resistance would possibly ship the worth additional larger. In the said case, the worth may rise and check the $65,500 resistance. Any extra positive factors would possibly ship the worth towards the $66,500 stage or the 50% Fib retracement stage of the downward transfer from the $74,100 swing high to the $59,106 low. The subsequent barrier for the bulls might be $68,000.

Downside Continuation In BTC?

If Bitcoin fails to rise above the $64,000 resistance zone, it may begin one other decline. Immediate assist is close to the $62,500 stage.

The first main assist is close to the $62,200 stage. The subsequent assist is now close to the $61,500 zone. Any extra losses would possibly ship the worth towards the $61,000 assist within the close to time period. The primary assist now sits at $60,000, under which BTC would possibly battle to recuperate within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now shedding tempo within the bullish zone.

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

Major Support Levels – $62,500, adopted by $62,000.

Major Resistance Levels – $64,000 and $65,500.

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