Bitcoin, Technical Analysis – H1
Bitcoin remains under heavy pressure as bulls once again fail to reverse the downtrend, with price retesting the critical sloping support near $62,500 and a high probability of further declines.
The situation for Bitcoin remains extremely unfavorable: bulls have once again failed to realize their ambitions for a rebound and reversal. The market is currently retesting the sloping support in the $62,500 zone, which may result in a breakdown below $62,000. This outcome appears highly probable, even in the event of another upward pullback from the $62,500 area.
Key Levels:
□ $63,000 — resistance
□ $62,500 — sloping support
□ $62,000 — support
□ $61,500 — support
Primary Scenario;
Decline toward $62,000 and $61,500.
Alternative Scenario:
Rebound higher from $62,500 toward $63,000, followed by a renewed decline.
Analyst Commentary:
Buying in such a market currently looks like a speculative gamble.
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.