Bitcoin price has been facing some obstacles in its attempt to break through the $64,000 resistance zone. Despite starting an upward movement above $62,000 and climbing above $63,500, it struggled to surpass key levels.
Looking at the 4-hour chart, Bitcoin settled above the 200 simple moving average and approached the $64,500 resistance zone. However, it encountered resistance near the 61.8% Fib retracement level and a bearish trend line at $64,200. The price also failed to close convincingly above the 100 simple moving average.
As a result, Bitcoin corrected its gains and dropped below $63,500, finding support at $62,200. The next major support level is at $61,400, with a potential further decline towards $60,500 or $60,000 if the downward trend continues. On the upside, resistance levels are seen at $63,250 and $64,500, with a possible steady increase if the price closes successfully above $64,500.
In the world of forex, EUR/USD has been experiencing bearish movements and is currently consolidating above the 1.0950 support level. Today’s economic releases include the FOMC Meeting Minutes, which could potentially impact the market.
Overall, Bitcoin is facing challenges in reaching new highs, but a successful break above key resistance levels could lead to a steady increase in price. Traders will be keeping a close eye on market developments to determine the future direction of Bitcoin and other financial assets.
