Bitcoin Struggling to Gain Further As Weekly and Monthly Closes Approach
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Answer Bitcoin Struggling to Gain Further As Weekly and Monthly Closes Approach
Today coincides with the weekly and monthly closing date of the bitcoin currency, amid anticipation from analysts and followers of the crypto market.
Bitcoin price found support at the level of 58 thousand dollars and closed above it last week, which made the currency aspire to further rise.
Bitcoin had the option to break the $60,000 and $60,500 resistance levels to move into positive territory.
Then the price settled above the $60,500 level.
There was also a break above the Fibonacci retracement level from the $63,700 swing high to $58,140 low.
The currency is currently facing obstacles and challenges of closing above the levels of $61,650 and $61,800.
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Additionally, there is an important negative pattern line with resistance near $61,650 on the hourly chart.
Additionally, Bitcoin is facing resistance near the $62,000 level.
It is close to the 61.8% Fib retracement of the regression from the $63,700 swing high to $58,140 low.
It might be possible to envisage a reasonable breakout of the pattern line and thereafter the $62,000 level, opening the way for a move towards the $63,000 level.
The next important resistance is near the $64,000 level.
Is it possible for bitcoin to decline?
If Bitcoin neglects and fails to break the $62,000 resistance area, it may start a new decline and decline.
Therefore, it is important to close above the $61,000 level to keep things positive, and in the worst case, to close above the $60,500 level.
In the event of a close below the $60,500 level, then a drop is possible for the bulls in the near term.
The next major support is the $60,000 psychological support level, below which there is a risk of a bigger decline, and Bitcoin price could drop towards the $58,500 level.
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Important points:
- MACD indicator is losing its bullish zone momentum.
- The hourly RSI (Relative Strength Index) is currently exceeding 50 levels.
- Important support levels: $60,500, $60,000.
- Important resistance levels: $61,650, $62,000 and $63,200.
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