The price of Bitcoin continued its decline, dipping below the $62,500 threshold. BTC exhibits signs of a bearish trend and could potentially shift to a bear market if it stabilizes below $60,000.
The value of Bitcoin continues to decrease
The price of Bitcoin faced difficulties in maintaining its position above the $63,500 mark and saw further declines. It slipped below levels such as $63,000, $62,500, and even dropped below $61,200.
At its lowest point, it reached $60,888 before beginning to consolidate losses. Any potential recovery could encounter obstacles, particularly around the $62,000 mark, which aligns with a bearish trend line forming on the hourly BTC/USD chart. Currently, Bitcoin is trading below $63,000 and the 100-hourly Simple Moving Average (SMA).
Immediate resistance is anticipated near $61,800, followed by significant hurdles at $62,000 and $63,200, which coincides with the 100-hourly SMA and the 50% Fibonacci retracement level. The primary obstacle lies at $63,800, and a decisive breakthrough above this level could trigger further upward movement, with the next resistance around $64,450. A successful close above $64,450 might pave the way for a continuation of the uptrend towards $65,500.
Is Bitcoin Likely to Experience Further Declines?
Should Bitcoin struggle to surpass the resistance at $62,000, it may persist in its downward trajectory. Initial support is expected around the $60,850 mark, with $60,000 serving as a crucial level. A breach below $60,000 could initiate a decline towards $58,000, and further losses might push the price towards the support zone near $56,500 in the short term.
May 2024, Cryptoniteuae
