[Bitop Market Review] Bitcoin Price Analysis on April 29, 2024
1. Price Trend:
Bitcoin’s price is attempting to break above the $64,000 region. However, as it struggles to stabilize above the $65,000 resistance level, a high was formed around $64,301, after which the price started to decline again, falling below the $63,800 level. Currently, the trading price is below $63,200 and the 100-hour simple moving average, with a risk of further decline towards $62,000. If the $62,400 support area is breached, Bitcoin may accelerate its downward movement.
2. Potential Upside Opportunities:
The immediate resistance for Bitcoin is near the $63,350 level. The first major resistance could be around $64,000 or $64,300. A significant breakthrough above the $64,300 resistance level could lead to a price increase. The next resistance level is currently at $65,000, and if this level is surpassed, the price may rise towards $65,500. The next major resistance is near the $66,200 area. Any further upside movement could potentially push Bitcoin towards the $67,500 resistance level in the short term.
3. Potential Downside Risks:
If Bitcoin fails to break above the $63,350 resistance level, the immediate support on the downside is around $62,400. The first major support is at $62,000, and if this support is broken, the price may start to decline towards $61,200, or even push towards the support area around $60,000 in the short term.
4. Technical Indicators:
Hourly MACD — The MACD for BTC/USD is accelerating in the bearish zone, indicating an increasing pace of downward momentum, which could be interpreted as a potential bearish signal.
Hourly RSI — The RSI for BTC/USD is currently below the 50 level, suggesting relatively strong selling pressure.
Resistance levels:
First resistance: 64000
Second resistance: 65000
Support levels:
First support: 62400
Second support: 62000
Trading direction: Long
Entry position: 62000–61700
Stop loss: 61000
Take profit: 63300–63500
Disclaimer: The article is contributed by the market analyst from Bitop market observation team. The content is solely for personal opinions and sharing. The analysis is time-sensitive and provided for reference and discussion only. It does not constitute any investment advice. The market is risky, so investing should be done cautiously.
