Bitcoin Price Back Under Pressure After Recovery Hopes Fade
Bitcoin pulled back after failing to break the $64,500 resistance area and has fallen below $63,500, turning short-term bearish. Price also dropped under the 50% Fibonacci retracement of the move from $59,070 to $64,613 and broke below the hourly bullish trend line near $62,500. BTC is trading below $62,500 and its 100-hour moving average. If Bitcoin holds above $61,500, it could attempt a rebound, with resistance at $62,000 and then $62,200. A close above $62,200 could open the way toward $64,000, then $64,500 and possibly $66,000. If BTC fails to reclaim $62,500, downside pressure may continue. Key support lies at $61,200, then $60,950 and $60,200, with a deeper drop toward $59,000 and $58,500 possible. The hourly MACD is bearish and the RSI is below 50.
