Bitcoin’s price continued to fall below $65,000. BTC has now consolidated its losses, and could attempt to recover in a wave towards $67,000.
- Bitcoin’s price has fallen further to levels below $65,500.
- It is currently trading at a price below $67.500, and it’s moving lower than the 100-hour Simple Moving average.
- On the hourly BTC/USD chart, there is a major bearish trendline forming. The resistance lies near $67,000 (data from Kraken).
- Although the two bears may recover, they could still be active at $67,000.
Bitcoin Prices Drop Further
Bitcoin Price Turned Red After It Broke the Barrier $68,000 support zone. BTC’s decline continued below $65,500 and 65,000. It finally tested the $64,500 area.
The price has now reached a low near $64,572. A move was made above $65,000. Even the price tested the 23,6% Fib Retracement Level of the downward movement from the swing high $71,306 to the low $64,572.
Bitcoin has fallen below the $67,000 mark. 100 hourly Simple moving average. A key trend line is also developing with resistance at $67,200 near the BTC/USD chart.
The immediate resistance level is around $66,000. First major resistance may be at $67,200 or the trendline. The price may start to increase if there is an upward movement above the $67200 resistance level. Price could move up to reach the 50 percent Fib level at $67.950 of the downmove from the swing high $71,306 to the low $64,572.
Source: BTCUSD on TradingView.com
It is important to note that the word “you” means a person. next The $68,500 area is a major resistance zone. Bitcoin could reach the $70,000 zone of resistance in the short term if it gains more.
BTC: More losses in the BTC market?
Bitcoin could fall further if it fails to break through the resistance level of $67,200. Support on the downside near $65,200 is immediate.
The initial major contribution is $64 500. The initial major assistance is $64,500. next The support is $64,000. A close below the $64,000 level could trigger a price drop towards the $62,500 mark. 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 – $65,200, followed by $64,500.
Major Resistance Levels – $66,000, $67,200, and $67,950.
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