Seems Bitcoin stuck at $62,500?

 2021-11-02 07:05:56

Bitcoin is still struggling to clear the resistance at $62,500 on the second day of November. Now BTC is trading around $61,700 and above the 100 hourly simple moving average.


From the hourly chart, it can be found that $62,500 is currently a strong resistance line. Bitcoin has to break this line before getting more bullish sentiment. And now $60,000 became a precarious support line, which can be even turned into a resistance line at any time if BTC fails to stand still above it.


If Bitcoin is not able to clear the $62,500 resistance line, it could extend a declining trend. Then the first support line shall be formed near $59,500.


Technical indicators:

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

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

Major Support Levels – $60,500, followed by $60,000.

Major Resistance Levels – $61,800, $62,000 and $62,500.


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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