Bitcoin continued its fall under the $65,000 resistance. BTC has now struggled to hold above the $62,000 resistance zone and could test $60,000.
- Bitcoin’s price has fallen below $64,000, the support level.
- 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 $63,300. (Data feed by Kraken)
- If the pair clears $65,200 in the short term, it could begin a nice upward movement.
Bitcoin price continues to fall
In the short-term, Bitcoin’s price was stable bearish zone Below the $66,500 area. BTC trades below $65,000 and 64,000 levels of support to reach a new low for the week.
A push was made below the support of $62,500. The price has now reached a low near $61,537, and is consolidating its losses. Price is struggling to stay below the level where the Fib has retraced 23.6% of recent drop from $68,898 swing low to $61,537.
Bitcoin has fallen below the $63,500 mark. 100 hourly Simple moving average. The immediate resistance level is around $63,300. A bearish line is also developing with resistance near $63,300. This can be seen on the hourly BTC/USD charts.
Source: BTCUSD on TradingView.com
First, $64,000 could prove to be a major barrier. Price could move to the $65,200 area if the resistance level is broken. This is very close to 50% of the Fib retracement for the recent fall from the swing-high $68,898 down to the 61,537 low. If the price continues to rise, it could reach the $67,000 mark.
BTC: More losses in the BTC market?
Bitcoin may continue its downward trend if it does not rise above $63,300. Near the $62,000 mark, there is immediate support for the downside.
First, you will receive $61,500. The first major support is $61,500. next The support is set at $60,500. A close below the $60,500 level could trigger a price drop towards the $60,000 mark. In the short term, any further losses could send the price towards the $58,800 level of support.
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 – $61,500, followed by $60,000.
Major Resistance Levels – $63,300, $64,000, and $65,200.
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