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).
- Below the $64,000 zone of support, there is still a risk that this pair could continue to fall.
Bitcoin Price Drops Even Further
The Bitcoin price is still in the bearish territory after it dropped below the $66,500 resistance zone. BTC traded under the $65,000 mark and extended its losses. Also, there was a drop below $64,500.
The price has corrected its losses after forming a low at $64,050. A minor recovery was seen above the $64,500 mark. The price rose above the level of 23.6% Fib Retracement from the downward wave that started at the $67.255 swing high and ended with the $64,050 bottom.
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 trendline. First, the price could face resistance at $65,650. This is the level where the Fib 50% retracement of the down wave between the swing high ($67,255) and the low $64,050 occurs. Next, $66,000 could become a key resistance.
If the price moves above $66,000, it could start an upward trend. Price could increase and reach the $66,500 barrier. BTC could reach the resistance of $67,500 in the short term if it gains more.
BTC Losses Increased?
Bitcoin’s next decline could be triggered if the resistance level of $65,400 is not overcome. Support for the short-term is at the $64,800 area.
First, the first support of $64,200. Next support will be nearer $64,000. If the market continues to fall, it could soon reach the $63,200 zone.
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
