The Bitcoin price has started to fall again after struggling around $64,550. BTC dropped below the $63,500 level and could continue its downward movement.
- Bitcoin began a new decline after breaking through the resistance of $64,550.
- Price is below the Simple Moving Average of 100 hours and $63,500.
- The hourly chart for the BTC/USD pairs shows a connective bearish trendline with resistance around $63,600. (Data feed from Kraken).
- This pair may extend its losses if it moves below the support levels of $62,700 or $62,500.
Bitcoin Price Drops Even Further
Bitcoin failed to reach the previous price. $65,000 level. BTC struggled to reach $64,550, and began another downward trend. Below $64,000 and 63,500, there was a gradual decline.
Price even dropped below the $63,000 mark. At $62,700, a new low has been formed and now the price consolidates its losses. A connecting trend line is also developing with resistance at $63,600. This can be seen on the hourly BTC/USD charts.
Bitcoin has fallen below the $63,500 mark. 100 hourly Simple moving average. The price may face some resistance at the level of $63,550 and the level where the Fib level 23.6% retracement is found for the decline from the swing high $66,444 to the low $62,700.
First, you might have to resist $64,000. The first major resistance could be $64,000. next Key resistance would be at $64,500. This is the level where the 50 percent Fib retracement of the decline from the $66,444 high swing to the 62,700 low has occurred.
If the price is able to move clearly above the resistance of $64,500, it could start a gradual increase. Price could increase and reach the $65,500 barrier in this case. BTC’s price could rise further and test the resistance of $66,200 in the near future.
BTC: More downsides?
Bitcoin could fall further if it fails to break through the resistance level of $63,550. The $62,700 support level is the immediate downside support.
The initial major contribution is $60,200. The first major support is $62,200. next Support is now developing near $62,000. In the short term, any further losses could send the price towards the $61,200 zone of support.
Indicators of technical indicators
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $62,700, followed by $62,200.
Major Resistance Levels – $63,550, and $64,500.
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Source: www.newsbtc.com