Is Bitcoin Facing a $60K Crisis?
Bitcoin price started a fresh increase from $60,000 and registered a new all-time high to $66,968 on Oct. 20th. And now BTC is back above $62,000. It has lost some power. To create another price fresh rally, Bitcoin must clear $64,000.
The price of Bitcoin is now trading above $62,500 and the 100 hourly simple moving average. There is a major resistance line near $63,500 on the hourly chart. If Bitcoin starts a steady increase above 63,500, the price could go further.
Now the support line is $61,500. If Bitcoin fails to clear the $63,500 resistance line, it could keep hovering around $60,000-$63,000 within today.
Technical indicators:
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI – The RSI is now above the 50-level.
Major Support Levels – $62,000, followed by $61,500.
Major Resistance Levels – $63,000, $63,500 and $64,000.
The price of Bitcoin is now trading above $62,500 and the 100 hourly simple moving average. There is a major resistance line near $63,500 on the hourly chart. If Bitcoin starts a steady increase above 63,500, the price could go further.
Now the support line is $61,500. If Bitcoin fails to clear the $63,500 resistance line, it could keep hovering around $60,000-$63,000 within today.
Technical indicators:
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI – The RSI is now above the 50-level.
Major Support Levels – $62,000, followed by $61,500.
Major Resistance Levels – $63,000, $63,500 and $64,000.
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