Bitcoin’s price continued to fall and fell below $64,500. BTC has corrected losses but bears still control the market and are aiming for further losses.
- Bitcoin remains in the bearish area and is trading below $64,500.
- Price is below the Simple Moving Average of 100 hours and $65,500.
- A connecting trend line is developing with resistance of $65,400 at the hourly chart for the BTC/USD (data feed by Kraken).
- There is a possibility that the pair will continue to decline below $64,000.
Bitcoin price drops further
After it fell below the price of Bitcoin, its bearish trend continued. $66,500 resistance zone. BTC continued to lose and was trading below $65,000. Also, there was a drop below $64,500.
The price has corrected its losses after forming a low at $64,050. The price recovered slightly above $64,500. The price rose above the level of 23.6% Fib Retracement from the downward wave that started at the swing high $67.255 to the low $64,050.
Bitcoin now trades below $65,500. 100 hourly Simple moving average. On the hourly BTC/USD chart, there is also an overlapping trend line with resistance of $65,400.
Price is facing upward resistance at the level of $65,500 and near the trend line. First major resistance is $65,650, or 50% Fib level for the down wave between the swing high of $67.255 and the low of $64,050. The next Key resistance can be as high as $66,000.
Price could rise if the market moves clear above the resistance of $66,000. Price could increase and reach the $66,500 barrier. BTC’s price could rise further and test the $66,500 resistance.
BTC Losses Increased?
Bitcoin’s next decline could be triggered if the resistance level of $65,400 is not overcome. The $64,800 support level is the immediate downside support.
First, you will receive $64,200. The first major support is $64,200. next The support zone is now near $64,000. In the short term, any further losses could send the price towards the $63,200 zone of support.
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 near the 50 level.
Major Support Levels – $64,500, followed by $64,000.
Major Resistance Levels – $65,400, and $66,000.
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Source: www.newsbtc.com