Is Bitcoin Facing a $60K Crisis?

 2021-10-26 09:21:47

Bitcoin price started a fresh increase from $60,000 and registered a new all-time high to $66,968 on Oct. 20th. And now BTC is back above $62,000. It has lost some power. To create another price fresh rally, Bitcoin must clear $63,500.

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The price of Bitcoin is now trading above $62,500 and the 100 hourly simple moving average. There is a major resistance line near $63,500 on the hourly chart. If Bitcoin starts a steady increase above 63,500, the price could go further.


Now the support line is $61,500. If Bitcoin fails to clear the $63,500 resistance line, it could keep hovering around $60,000-$63,000 within today. 


Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bullish zone.

Hourly RSI – The RSI is now above the 50-level.

Major Support Levels – $62,000, followed by $61,500.

Major Resistance Levels – $63,000, $63,500 and $64,000.


DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.


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