The Bitcoin price has started to decline again below $65,000. BTC now tests the $62,850 zone of support and may start another rise.
- Bitcoin’s price is currently below $65,500.
- Price is below the Simple Moving Average of 100 hours and $65,000.
- On the BTC/USD hourly chart, there is a bearish trendline with resistance of $63,500 (data from Kraken).
- It is possible that the pair will start an increase again if they stay above the support level of $62,500.
Bitcoin Price Reaches Support
The Bitcoin price has started to rise. fresh decline The $66,000 level of resistance is a good starting point. BTC moved into short-term negative territory after breaking the $65,000 and 64,550 support levels.
Price even dropped below $63,500. The price has now reached a low of $62,883 where it is consolidating its losses. Now, the price is below the level where the 23.6% Fib Retracement was applied to the move downward from the swing-high of $66,055 down to the 62,833 low.
Bitcoin now trades below $64,500. 100 hourly Simple moving average. If there’s a new increase in price, then the price may face resistance around the $63,500 mark. On the hourly BTC/USD chart, there is a bearish trendline with resistance of $63,500.
It is close to the 50% Fib retracement level of the downward movement from $66,055 swing high to $62,833 low. This is very close to 50% of the Fib retracement from the swing high at $66,055 to the low at $62,833.
The price could rise if it clears the resistance of $64,500. A key next resistance may be $65,500. The price could rise further if it closes over the $65,500 level. The price may rise to test the $66,200 barrier. Any further gains could send the price to the $68,000 barrier.
BTC: More losses in the BTC market?
Bitcoin may continue its downward trend if it does not rise above $63,500. The $63,500 level is the immediate support to the downside.
First major support near $62,850. Next support now lies near $62,500. If the market continues to fall, it could push the price down towards the support at $61,200 in the near future.
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 – $62,850, followed by $62,500.
Major Resistance Levels – $63,500, and $64,500.
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Source: www.newsbtc.com
