Bitcoin failed to break through the $67,000 barrier. BTC has trimmed its gains, and now struggles to remain above the $63,650 resistance zone.
- Bitcoin has started to decline again after failing to break through the resistance level of $67,200.
- It is currently trading at a price below $65,000, and it’s moving lower than the 100-hour Simple Moving average.
- On the hourly chart for the BTC/USD, there was a breakdown below the key bullish line. Support is at $66,200 (data from Kraken).
- Although the bulls may remain in the area of $65,500 or higher, the pair might correct upward.
Bitcoin price drops again
Bitcoin Price struggled to Clear the Barrier $67,000 and $67,200 resistance levels. BTC has started a new decline under the $66,000 mark after forming a short term topping pattern.
The $65,500 was broken. A break was also made below the $66,200 support level of a bullish trendline on the BTC/USD hourly chart. It even spiked down to $63,650. Price has fallen to a new low at $63,583.
Bitcoin is currently trading at a price below $65,500. 100 hourly Simple moving average. The nearest immediate resistance lies near $64,500, or 23.6% of Fib’s retracement from the $67.195 swing-high to the $63,583 bottom.
The $65,350 level or the Fib 50% retracement of the decline from the swing-high $67,195 to the 63,583 bottom could act as the first major resistance. The price could move higher if the resistance level of $65,350 is broken. A clear move above the $65,350 resistance might send the price higher. next The resistance is now $65,850. The price may continue to rise if there is an obvious move over the resistance level of $65,850. If the above scenario is true, then the price might rise towards $67,000.
Source: BTCUSD on TradingView.com
You can also find out more about the following: next Major resistance lies near $67,200. Bitcoin’s gains could push it towards the $68800 resistance level in the near future.
BTC: More losses in the BTC market?
Bitcoin could fall further if it fails to break through the resistance level of $65,350. The $63,500 area is the immediate support for the downside.
First, the first important support level is $62,600. Price could drop to $61,200 if the close is below $62,600. If the price continues to drop, it could soon reach the support level of $60,000.
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 – $63,500, followed by $62,600.
Major Resistance Levels – $65,350, $65,850, and $67,000.
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