Bitcoin Trend Falters, Prices Dip Below $62.5K as Bulls Struggle

By: Eva Baxter

Bitcoin's value saw a dip below the $62,500 mark, summarizing the impact of a strong uptrend from last fall gradually fading away. This sudden shift in value indicates strained protectiveness by Bitcoin bulls around the $60K. Recent traces show Bitcoin's failure to clear the $67,000 resistance zone, trading below $65,000, and the 100 hourly Simple moving average.

There seems to be a break below a rising channel with support at $64,900 on the hourly chart of the Bitcoin/USD pairing. Unless the $65,000 resistance zone is surpassed, bearish signs suggest a possible extension of its decline. The bull's hold over the 61.8% Fib retracement level of the upward move from the $60,495 swing low to the $66,898 high at $63,000 is also seemingly holding on for dear life.

Major resistance levels identified hover around the $64,700, $65,000, and $67,000 mark. It is suggested that a clear move above the $65,000 resistance zone could possibly stimulate a move upwards, potentially towards the $66,800 mark and the 100 hourly Simple moving average. However, if Bitcoin fails to breach the $65,000 resistance zone, there looms a likelihood of another decline.

Immediate support levels are identified at the $63,000 level and if there is a close below $62,000, the price could potentially plummet to meet the $61,000, pointing towards the $60,500 support zone in the near term.