Amid the recent fluctuations in the Bitcoin rate, more and more traders and analysts are starting to pay attention to important support levels that could become key in a potential correction. If Bitcoin consolidates below $66,770 for two days, a likely scenario would be a decline to the $59,915-$64,200 range. Let's figure out why this level is so important and what technical indicators support this analysis.
Key indicators in the range of $59915-$64200
Several significant moving averages on different timeframes converge in this range, making it an important support block:
1. MA35 and MA45 (1W) are moving averages on the weekly chart.
These indicators allow you to track long-term trends. Moving averages on a weekly time frame are considered to be some of the strongest support and resistance levels. When the price passes these levels, it may indicate a possible trend reversal or continuation of the downward movement.
2. HMA600 and HMA700 (H12) - hull moving averages on the 12-hour chart.
These indicators help track trends on a shorter-term horizon, reacting to changes faster than standard moving averages. Support levels on the 12-hour chart allow you to assess short-term fluctuations and accumulation or reversal zones.
3. EMA500, EMA600, EMA700 and EMA1000 (H4) – exponential moving averages on a 4-hour timeframe.
These indicators react more flexibly to price changes, showing potential reversal zones. EMAs with longer periods act as dynamic support, and their breakout can lead to an acceleration of the decline.
4. HMA2000 and WMA2000 (H4) – longer-term moving averages on the 4-hour chart.
These levels provide strong support on the short-term chart. Typically, the price will bounce off these levels before deciding to move further up or down.
5. MA50, MA200 and MA300 (D1) – moving averages on the daily chart.
These levels are also important for traders as they show significant long-term support zones. MA200 and MA300 are often used to assess the overall trend and sentiment in the market.
Importance of the $61500-$62500 Zone
Particular attention should be paid to the $61,500-$62,500 range. There are several key supports in this zone that can play a decisive role in containing further price decline. If Bitcoin reaches this zone, many market participants can expect a local trend reversal and the beginning of the accumulation phase.
Possible scenarios for Bitcoin's decline
If Bitcoin fails to hold above $66,770, the main focus should be on price action in the $59,915-$64,200 range. A break of this support block could signal further decline, but the probability of a strong rebound in the $61,500-$62,500 region is also high. It is important to monitor trading volumes and the news background, as any fundamental events can affect investor sentiment and price direction.
Conclusion
Technical analysis confirms that the $59915-$64200 range is an important support zone for Bitcoin if it corrects. The convergence of a large number of moving averages on different timeframes makes this level key for assessing future movements. In the event of a local spill, it is worth keeping a close eye on the $61500-$62500 range, as a reversal may occur here.
Regardless of short-term fluctuations, Bitcoin remains one of the most significant assets in the cryptocurrency market, and technical levels help traders more accurately assess possible scenarios for its movement.
