Bitcoin has begun a further decline since it reached the $67,000 level. BTC shows bearish signals and could soon return to the $61,000 zone of support.
- Bitcoin is still struggling to overcome the $67,000 barrier.
- It is currently trading at a price below $65,000, and it’s moving lower than the 100-hour Simple Moving average.
- A break was seen below an ascending channel, with a support of $64,900 in the BTC/USD chart (data feed by Kraken).
- It is possible that the pair will continue to decline until it breaks through $65,000.
Bitcoin Price Recovery Stalls
The Bitcoin Price Tried a recovery wave Above the $65,000 Resistance Zone. BTC rose even above $66,200 but bears were still active in the $67,000 area.
The price began to decline as tensions increased between Israel and Iran. A move was made below $65,000 and 64,000. The price was below the Fib 50% retracement of the uptrend from the swing-low $60,495 high to the swing-high $66,898.
On the hourly BTC/USD chart, there was a breakdown below the rising channel that had support at $64,900. Bitcoin is currently trading under $65,000, and the USD/BTC pair has broken below a rising channel. 100 hourly Simple moving average. The bulls have now protected the 61.8% Fib Retracement Level of the uptrend from the 60,495 swing-low to the 66,898 high level at $63,000.
Near the level of $63,750, there is immediate resistance. First major resistance may be at $64,700. First, you might have to pay $64,700. next Resistance is currently at $65,000. The price may continue moving up if there is an obvious move over the $65,000 zone of resistance. If the case is stated, then the price might rise towards $66,800 or the 100 hourly simple moving average.
Source: BTCUSD on TradingView.com
It is important to note that the word “you” means “you”. next The $67.200 resistance zone is a major area of concern. Bitcoin could reach the $70,000 zone of resistance in the short term if it gains more.
BTC Losses Increased?
Bitcoin’s next decline could be triggered if the currency fails to move above $65,000. Support for the short-term is at the $63,000 mark.
First, $62,000 is a major level of support. Price could drop towards $61,000 if the close is below $62,000. In the short term, any further losses could send the price towards the support zone of $60,500.
Indicators of technical indicators
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $63,000, followed by $62,000.
Major Resistance Levels – $64,700, $65,000, and $67,000.
Disclaimer article This information is only for educational purposes. NewsBTC has no opinion about whether or not to purchase, sell, hold investments. Naturally investing involves risks. It is recommended that you conduct your own research. own Do your research before you make any investments. This website is for informational purposes only. own risk.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: www.newsbtc.com