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    Home»Altcoin»Bitcoin (BTC) Price Analysis: Will It Struggle For More?
    Altcoin

    Bitcoin (BTC) Price Analysis: Will It Struggle For More?

    cryptossorBy cryptossorKasım 6, 2021Yorum yapılmamış3 Mins Read
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    Bitcoin accelerated to $64,000 yesterday but then started a correction. According to technical analysis by NewsBTC’s Aayush Jindal, Bitcoin could correct further if altcoins continue to gain momentum in the short term:

    • Bitcoin is facing resistance near the $63,500 and $64,250 levels.
    • Price is currently trading well above $62,500 and the 100 hourly simple moving average.
    • There is a key bullish trend line forming with support near $62,500 on the hourly chart of the BTC/USD pair (data from Kraken).
    • 62. If there is a downside break below the $500 support, the pair could correct further.

    Bitcoin Gains Speed

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

    Bitcoin price even climbed above the $64,000 level but there was no proper close. A top was formed near $64.327 and the price is now correcting higher. The price traded below the $64,000 and $63,500 support levels. 23% of the surge from $59,450 to $64,327. There was a break below the 6 Fib retracement level.

    BTC is currently finding bids near the $63,000 support zone. There is also a key bullish trend line forming with support near $62,500 on the hourly chart of the BTC/USD pair. An immediate resistance on the upside is near the $63.650 level. The first major resistance is near the $63,800 level.

    64. $ 000 Matters

    The main resistance is still near the $64,000 and $64,250 levels. A clear break above the $64,000 resistance could likely open the doors for a fresh rally. The next major resistance is sitting near the $65,500 level.

    Will Bitcoin Drop?

    According to Jindal, if Bitcoin fails to break past the $64,000 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $62,800 level. The first major support is now formed near the $62,500 level. A break below the $62.500 support and trendline could push the price down further. The next key support is near the $61,800 level and the 100 hourly SMA. It is also close to the 50% Fib retracement level of the upward wave from the $59.450 high to $64,327 high.

    What Do Technical Indicators Say?

    • Hourly MACD – The MACD is slowly losing momentum in the bullish zone.
    • Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
    • Main Support Levels – 62.500 then $61.800
    • Main Resistance Levels – $63.650, $64.000 and $64.250
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