Bitcoin failed to break through the resistance of $66,500. BTC has again moved lower and could fall below the $64,600 zone of support.
- Bitcoin began a new decline after breaking through the resistance level of $66,500.
- It is currently trading at a price below $65,500, and it’s moving lower than the 100-hour Simple Moving Average.
- The hourly chart shows a breakout below the bullish trendline with support of $65,250. (Data feed from Kraken).
- If the pair continues to fall, it could continue its losses.
Bitcoin Price Faces Rejection
The bitcoin price has started to recover above the previous wave. $65,000 level. BTC rose above $65,500 and $66,200. The bears, however, were very active around the $66,500 area. The price began to decline after a high of $66,444.
The price moved below the support levels of $65,500 and $65400. The price dropped below the 50% level for the upward movement from the swing-low of $64,050 up to the $66,444 peak. On the hourly BTC/USD charts, there is also a breakdown below a bullish trendline with a support level of $65,250.
Price tested $64,600 and the Fib level of 76.4% retracement for the move up from the swing low at $64,050 to the high at $66,444.
Bitcoin has fallen below the $65,500 mark. 100 hourly Simple moving average. If the price continues to rise, it may face resistance around the $65,250 mark. First, there could be a major barrier at $65,500. The next major resistance level could be $66,000.
If the price moves above $66,000, it could start a gradual increase. In this case, it is possible that the price will rise to the $66,500 level. BTC’s price could rise further and test the $66,500 resistance.
BTC Has More Negatives Than Positives
Bitcoin could fall further if it fails to break through the resistance level of $65,250. Near the $64,600 mark, there is immediate support for the downside.
Sixty-four thousand two hundred dollars is the major first support. Next support will be nearer $64,000. In the short term, any further losses could send the price towards the support zone of $63,200.
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 – $64,600, followed by $64,000.
Major Resistance Levels – $65,250, and $66,500.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: www.newsbtc.com
