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14/08/24
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Bitcoin Battles Resistance: $60K Support and $61.5K Hurdle Ahead
Bitcoin has successfully moved past the $60,000 level, establishing a foothold in this key resistance zone. However, the cryptocurrency is currently facing challenges in surpassing the established resistance levels of $61,200 and $61,500.
Recently, Bitcoin embarked on an upward trajectory, overcoming the $58,500 barrier, followed by a move past the critical levels at $59,500 and $60,000. This upward movement was marked by a breakout above a bearish trendline, as observed on the hourly trading chart for the BTC/USD pair. Although the price peaked at $61,555, it has since experienced a corrective phase, retreating below both the $61,200 and $61,000 levels. At this moment, the price is maintaining its position above $60,000 and the 100-hour simple moving average, situating itself above the 50% Fibonacci retracement level from the recent low to high.
Looking ahead, Bitcoin’s price is likely to confront resistance at $61,200. A decisive increase past the $61,500 resistance might catalyze further upward movement in subsequent trading sessions, with the next significant resistance pegged at $62,500. Moreover, a breakthrough above the $63,500 level could stimulate additional upward momentum, potentially pushing the price toward the $65,000 vicinity.
On the contrary, if Bitcoin cannot surpass the $61,500 resistance, there is a risk of a downward trend emerging. Immediate support exists at the $60,000 level, coinciding with the 100-hour simple moving average, while major support levels are identified at $59,650 and $59,150. Any further declines may push Bitcoin down to the $58,500 support zone or even as low as $57,200 in the short term.
In summary, while Bitcoin demonstrates resilience above the $60,000 level, its ability to navigate through resistance levels will be crucial in determining its trajectory in the near future.
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