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    Home»Altcoin»Bitcoin (BTC) Price Analysis: Risk Continues, What are the Key Levels?
    Altcoin

    Bitcoin (BTC) Price Analysis: Risk Continues, What are the Key Levels?

    cryptossorBy cryptossorKasım 6, 2021Yorum yapılmamış2 Mins Read
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    Continuing to trade in a certain range, Bitcoin is struggling to break the $62,500 resistance. According to technical analysis by NewsBTC’s Aayush Jindal, if there is a close below $60,000, it could drop drastically:

    • Bitcoin is facing resistance near the $62,500 and $62,650 levels.
    • There is a major bullish trend line forming with support near $60,500 on the hourly chart of the BTC/USD pair (data from Kraken).
    • 60. If there is a clear break below $000, the pair could accelerate the decline.

    Bitcoin Price Stuck In Range

    Contact us to be informed about the last minute developments. Twitter and Telegram you can follow our channel.

    Bitcoin continues to struggle to clear significant resistance. BTC made another attempt to clear the $62,500 and $62,650 resistance levels. However, it failed to gain strength above $62,500. A top was formed near $62.500 and the price started a fresh decline. There was a break below the $62,000 support level and the 100 hourly simple moving average. There was a break below the 50% Fib retracement level of the upward move from the $59,449 high to $62,500 high and even settled below the $61,000 level. Bitcoin is now trying to recover. The first major resistance is near the $61,500 level.

    The main resistance is still near the $62,500 and $62,650 levels. A clear break above the $62,500 resistance could likely open the doors for a move towards the $63,200 level. The next major resistance is sitting near the $64,500 level.

    Will Bitcoin Drop?

    According to Jindal, Bitcoin could continue its decline if it fails to surpass the $62,500 resistance zone. An immediate support on the downside is near the $60,800 level. The first major support is currently formed near the $60,500 level. A break below the $60.500 support and trendline could push the price down further. The next key support is near the $58,500 level.

    What Do Technical Indicators Say?

    • Hourly MACD – The MACD is slowly gaining momentum in the bullish zone.
    • Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now close to the 50 level.
    • Main Support Levels – $60.500 followed by $60,000
    • Main Resistance Levels – $61.200, $62.000 and $62.500
    Dollar Level Near Resistance Support
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