The price of Bitcoin found support at $61,800 and increased from there. After rising to $64,500, Bitcoin is now consolidating its gains around $63,500.
Bitcoin Price Remains Constant
The price of bitcoin began to drop below the pivot level of $63,500. Before the bulls appeared, Bitcoin fell below the $62,000 mark. At $61,774, a low was reached, and the price began to rise again.
The resistance levels of $62,500 and $63,500 were crossed. In addition, the hourly chart of the BTC/USD pair showed a break over a significant bearish trend line with resistance at $63,250. Even so, the pair challenged $64,750 and surged past $64,500.
At $64,738, a high was established, and the market began to decline. A move occurred below the $64,000 mark. The price of the upward rise from the $61,774 swing low to the $64,738 high was tested at the 50% Fib retracement level.
Currently, the price of bitcoin is above both the 100 hourly Simple Moving Average and $63,500. Direct resistance is in proximity to the $64,000 mark. $64,500 or $64,750 could be the first significant resistance levels. Price growth could occur if there is a clean break above the $64,750 resistance level. The current next point of resistance is $65,500.
The price may rise further in the event that there is a clear move above the resistance zone of $65,500. In the example given, the cost might increase to $66,200. Around $68,000 is where the next significant barrier is located. In the foreseeable future, any additional advances might push Bitcoin toward the $70,000 barrier area.
One More Drop in Bitcoin?
Bitcoin may continue to decline if it is unable to break over the resistance level of $64,750. Substantial downside support is located in the vicinity of $63,500.
The initial significant funding is $63,000. The price may begin to decline toward $61,750 if the close is less than $63,000. In the short term, pricing may move toward the $61,200 support zone if there are any additional losses.
April 2024, Cryptoniteuae