Price of bitcoin is struggling to stay below $65,000. BTC needs to stay above the $60k support level in order to prevent a significant decline.
- Bitcoin still struggles to move beyond the $65,000 zone of resistance.
- Price is below the Simple Moving Average of 100 hours and $63,000.
- The hourly chart for the BTC/USD pairs shows a bearish key trend line with resistance of $62,650. (Data feed by Kraken).
- It is possible that the pair will gain bullish momentum once it breaks through $63,000.
Bitcoin Price is Still at Risk
Bitcoin failed to reach the price target $64,500 resistance zone. BTC made a top on a short term at $64,450, and then started descending again. A move was made below $63,000 and 62,000.
Price even dropped below $60,000. The price has now attempted to recover from a low near $59700. Price climbed over the Fib level 23.6% retracement of recent declines from $64,444 swing low to $59,700.
Bitcoin is currently trading at a price below $63,000. 100 hourly Simple moving average. The immediate resistance level is around $62,000. The price is very close to 50% Fib of the recent fall from $64,444 swing low to $59700 low.
The trend line and $62,650 could provide the first significant resistance. The first major resistance could be $62,650 and the trendline. next Resistance is currently at $63,000. Price could move higher if the zone of resistance at $63,000 is clearly broken. If the above scenario is true, then the price might rise towards $64,500.
Source: BTCUSD on TradingView.com
It is important to note that the word “you” means “you”. next Major resistance lies near $65,000. Bitcoin’s gains could push it towards the $66,500 area of resistance.
BTC Losses Increased?
Bitcoin could begin a new decline if it fails to break through the resistance level of $63,000. Support for Bitcoin’s downside near the $63,800 level is immediate.
First, the first important support level is $60,000. The price may start dropping towards the $59.200 level if there’s a close under $60,000. If the price continues to drop, it could soon reach the support level of $58,500.
The following are 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 – $60,800, followed by $60,000.
Major Resistance Levels – $62,650, $63,000, and $64,500.
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