Bitcoin’s price has failed to rise above $65,500. BTC continues to move lower. There is the possibility of further downsides under $63,000.
- Bitcoin began a new decline after failing to breach the $65,500 support zone.
- This price trades below $64,500, and 100-hour Simple Moving average.
- On the hourly BTC/USD chart, there is a bearish line connecting with a resistance of $64,500 (data from Kraken).
- If the pair closes below $63,000 on a daily basis, it could continue to fall.
Bitcoin Price Faces Challenges
The Bitcoin price has started to rise. recovery wave From the $62,750 zone of support. BTC managed to rise above resistance levels of $64,000 and 64,550. The price, however, failed to break through the $65,500 zone of resistance.
The price began to decline after a high of $65,300 was reached. A move was made below $64,500. The price reached the Fib 50% retracement of the wave that recovered from the swing low $62,743 to the high $65,300.
Bitcoin has fallen below the $64,500 mark. 100 hourly Simple moving average. On the hourly BTC/USD chart, there is also an overlapping bearish trendline with resistance of $64,500.
Near the trendline, or at the level of $64,500, is where immediate resistance lies. First major resistance may be at $65,350, or $65,500. The price could move higher if it moves above $65,500. If the price moves above $65,500, it could go higher. next Resistance is now $66,200.
Source: BTCUSD on TradingView.com
The price may continue to rise if there is an upward movement above the resistance level of $66,200. Price could move up to $67,000. In the stated case, the price could rise to $67,000. next Major resistance lies near $67,400. Bitcoin’s gains could push it towards the $68800 resistance level in the near future.
BTC Losses Increased?
Bitcoin could fall further if it fails to break through the resistance level of $64,500. The $64,000 support level is the immediate downside support.
First, the major level is $63,750. This represents the Fib retracement of 61.8% from the swing low at $62,743 to the high at $65,300. Price could begin to fall towards $62,750 after a close under $63,750. If the price continues to drop, it could soon reach the $61,200 zone.
The following are 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 – $64,000, followed by $63,750.
Major Resistance Levels – $64,500, $65,350, and $66,200.
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