Bitcoin Price Analysis: Possibility of BTC Reaching $60.5K Again in the Near Future – Explained

• Good day, crypto enthusiasts! Bitcoin’s price journey took a slight detour from the $71,500 mark against the US Dollar.
• Currently, the price has dipped below $68,000 and is trading under the watchful eye of the 55 simple moving average (4 hours).
• We witnessed a break beneath a significant bullish trend line, touching base at $68,200 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
• However, don’t lose hope just yet! The pair might embark on a fresh journey upwards, as long as it maintains its stance above the $63,350 support zone.

Attention, Bitcoin enthusiasts! The price of BTC is undergoing a correction below $68,000 against the US Dollar. But fear not, for there may be another surge on the horizon if the bulls continue to support the price above $63,350.

A Glimpse into Bitcoin Price Movement

The price of Bitcoin surged past the $68,500 mark and aimed straight for the $71,000 resistance area. Sadly, the bears swooped in near the $71,500 zone.

After touching a high of $71,635, the price took a u-turn and began a downward spiral. The journey south saw it breach the $70,000 and $68,000 levels. The bears managed to push the price below the 50% Fib retracement level, spanning from the $60,771 swing low to the $71,635 high.

Adding to the downward trajectory was the breakdown of a crucial bullish trend line with support at $68,200 on the 4-hour BTC/USD chart. The price even dipped under $65,000.

As of now, Bitcoin is sailing beneath the $67,000 mark and the 55 simple moving average (4 hours). The immediate hurdle on the upside lies near the $67,500 level. Following that, the next significant obstacle could be around the $69,000 zone. A clear breakthrough above $69,000 might pave the way for a journey toward $70,000, from where it could progress further to $71,500.

If the price continues its upward momentum, it might venture towards the $73,500 area. On the flip side, if there’s no breakthrough upside, the price could slide below $65,000.

The primary support stands at $63,350 or the 76.4% Fib retracement level, considering the upward swing from the $60,771 low to the $71,635 high. The subsequent crucial support is in the vicinity of $62,000, beyond which the price could accelerate its downward spiral. In such a scenario, the price might dip towards $60,500, or even further down to $58,500.

Analyze the chart yourself! Bitcoin’s current price action highlights trading below $67,000 and the 55 simple moving average (4 hours). All in all, there’s hope for a potential surge if the price manages to hold above the $63,350 supportive grounds.

Cracking the Code: Technical Indicators

MACD Update: The MACD is on a bearish trajectory, gaining momentum in the bearish zone over 4 hours.

RSI Report: The RSI is signaling its presence below the 50 level over the same 4-hour period.

Vital Support Levels: Keep an eye on $63,350 and $62,000 for critical support.

Resistance Levels to Watch: Stay alert for resistances at $67,000, $69,000, and $70,000.