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Wednesday, February 21, 2024

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Bitcoin Price Faces Hurdle, Why 100 SMA Is The Key

Bitcoin price corrected lower and tested $59,500 against the US Dollar. BTC is recovering losses, but upsides might be capped above $63,250 in the near term.

Bitcoin declined below the $63,200 and $62,000 support levels.
The price is now trading below $62,000 and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $61,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a steady increase if there is a close above the 100 hourly SMA and then $63,250.

Bitcoin Price Faces Resistance
Bitcoin price traded to a new all-time high near $66,982 before starting a downside correction. BTC corrected lower below the $65,000 and $63,250 support levels.
There was also a break below the $62,000 support zone and the 100 hourly simple moving average. Finally, the price spiked below $60,000, but the bulls were active above the $59,500 level. A low is formed near $59,610 and the price is now consolidating losses.
There was a recovery wave above the $60,500 and $61,000 levels. Bitcoin surpassed the 23.6% Fib retracement level of the downward move from the $66,982 swing high to $59,610 low.
There was also a break above a key bearish trend line with resistance near $61,000 on the hourly chart of the BTC/USD pair. The pair is now facing resistance near the $62,000 level and the 100 hourly SMA. A clear break above the $62,000 resistance could open the doors for a fresh increase.

Source: BTCUSD on TradingView.com
The next major resistance sits near the $63,250 level. It is near the 50% Fib retracement level of the downward move from the $66,982 swing high to $59,610 low.
Any more gains may possibly call open the doors for a move towards the $64,000 level. The next major resistance sits near the $65,000 level.
More Losses In BTC?
If bitcoin fails to clear the $63,250 resistance zone, it could extend its downside correction. An immediate support on the downside is near the $61,200 level.
The first major support is now forming near the $60,000 level. A break below the $60,000 support may possibly push the price towards the $58,000 support zone.
Technical indicators:
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $61,200, followed by $60,000.
Major Resistance Levels – $62,000, $62,500 and $63,250.

Christian Robinson
Christian Robinson
I’m a regular contributor to Forbes, CoinDesk, and Bitcoin Magazine, among others. My work focuses on providing analysis of the latest trends in the crypto industry, as well as offering insights into investment opportunities. I have a strong track record of identifying emerging technologies and assets that can achieve significant growth. As such, I believe that I am uniquely positioned to help investors navigate the ever-changing landscape of cryptocurrency.

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