Bitcoin Investor Pressure
Bitcoin’s attempts around the $62,000 resistance zone have initiated a fresh downturn, putting it at risk of further losses below the $60,000 level. With cryptocurrency markets exhibiting volatility lately, investors need to consider several factors that are increasing pressure on the BTC/USD pair.
Firstly, the failed attempts of Bitcoin around $62,000 have intensified selling pressure among investors. Trading below $61,000 and the 100-hour simple moving average, the short-term outlook displays signs of weakness.
Especially, there has been a breakdown below the descending flag formation around $60,950 on the hourly chart of the BTC/USD pair. This suggests a continuation of the downtrend, with a close below $60,000 signaling potential further downside momentum.
Obstacles Ahead for BTC Price
In technical analysis, the distribution of Bitcoin price signals is crucial. After finding support near $60,250, a recovery wave started. However, these recovery efforts remained limited as bears became active near the $61,800 resistance zone.
Currently, the BTC/USD pair is hovering around $61,000. While immediate resistance is near $61,200, significant hurdles lie ahead. $62,000 marks the first major resistance levels. Beyond that, critical resistance zones like $62,500 and $63,500 could restrict price appreciation.
Potential Downside Movement and Key Levels
Bitcoin has recently struggled to overcome the $61,200 resistance zone, raising concerns about a downside movement. The most critical observation currently is that BTC is urgently seeking support around $60,500.
A breakdown below critical support levels for BTC could drag the price further down. The first major support is at $60,000. If a close below this level occurs, a scenario where BTC could drop to $58,500 might unfold. In such a case, with increasing losses, the price could retreat to the support zone around $56,650 in the near future.
This article was generated using artificial intelligence based on various sources.
Follow us on the social media platforms you're most comfortable with
