Bitcoin failed to continue rising above the resistance area of $63,650. The price is now correcting its gains and might revisit the support at $60,850.

Bitcoin faced difficulty extending gains above the resistance levels of $63,650 and $63,800. A peak was formed at $63,798, and the price started a downward correction.

The price dropped below the $63,000 level. The bears managed to push it below the $62,500 level and the 100-hour simple moving average. There was also a move below the 50% Fibonacci retracement level of the upward move from the $59,951 low to the $63,798 high.

Bitcoin is now trading below $62,500 and the 100-hour simple moving average. A bearish trend line is forming with resistance at $61,850. The bulls are now trying to protect the $61,400 zone and the 61.8% Fibonacci retracement level of the upward move from the $59,951 low to the $63,798 high. If there is another increase, the price might face resistance near the $61,850 level and the trend line.

The first major resistance is near the $62,250 level. The next major resistance could be at $62,500. A clear move above the $62,500 resistance might start a steady increase and push the price higher.

In this case, the price could rise and test the $63,250 resistance. Any further gains might drive BTC towards the $63,650 resistance in the near term.

If Bitcoin fails to climb above the $62,250 resistance area, it could continue to decline. Immediate support on the downside is near the $61,400 level. The first major support is at $60,850. The next support is forming near $60,500. Any further losses might push the price towards the $60,000 support area in the near term.

If you are a long-term investor, it might be better to hold onto Bitcoin if you believe in its long-term potential. Short-term fluctuations can be part of the journey towards larger gains in the future.

If you are a short-term investor, you might consider partial or full selling if Bitcoin breaks below major support levels (such as $60,850) and a continued decline is confirmed. You can invest or increase your holdings if Bitcoin surpasses strong resistance levels (such as $62,500) and continues to rise with positive signals.

For day traders, you can take advantage of the quick market movements by entering and exiting positions based on short-term technical trading signals.

Always avoid investing money you cannot afford to lose and seek specialized financial advice if you are unsure about your decisions.
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