Bitcoin, Technical Analysis – H1
Bitcoin is currently range-bound on the H1 timeframe with no clear medium-term trend. Bulls are expected to struggle at a key resistance cluster near $63,400, likely leading to another leg lower.
Bitcoin lacks a clear directional bias in the medium-term timeframes. As a result, bulls are likely to face strong selling pressure at the $63,400 resistance zone, where multiple technical levels converge. We expect a test of this area followed by a renewed move lower into a bearish swing.
Key Levels:
□ $63,400 – Key resistance cluster
□ $62,700 – Immediate support
□ $64,000 – Next major resistance on breakout
Primary Scenario:
Rise toward $63,400, followed by a reversal and decline to $62,700.
Alternative Scenario:
Breakout above $63,400 with follow-through toward the $64,000 region.
Analyst Commentary:
On a longer-term basis, Bitcoin remains technically weak and continues to trade under the influence of prevailing short sentiment.
Nikolai Krishtopov is a Market Analyst at Investizo with more than 15 years of experience in the financial markets industry and over a decade of trading experience. His areas of focus include forex and crypto markets, technical analysis, intraday trading and market behaviour.