Bitcoin is still struggling to rise above $67,000. BTC’s bearish potential could increase if the level of $64,500 is closed below.
- Bitcoin faces many obstacles near the $66,500 to $67,000 level.
- Price is below the Simple Moving Average of 100 hours and $67,000.
- On the hourly BTC/USD chart, there is a large bearish trendline forming. The resistance lies near $66,400 (data from Kraken).
- Now, the pair faces a risk that it will break down below $64,500.
Bitcoin price increases are capped
The Bitcoin price has started to rise. consolidation phase There was a fall towards $64,500. BTC was trading as low as $64,572. Recently, it attempted to make a slight recovery.
A move was made above $66,000. Price climbed over the Fib 23.6% retracement of the downward wave between the swing high at $71,305 and the low at $64,570. Bears were more active at the $66,600 area.
Bitcoin now trades below $67,000. 100 hourly Simple moving average. On the hourly BTC/USD chart, there is also an important bearish trendline forming. The resistance lies near $66,400.
The trendline and $66,400 are the immediate resistance levels. First, $66,600 could act as a major barrier. Price could increase if the clear resistance area of $66,600 is broken. The price may rise to $67,950, which is the Fib 50% retracement of the down wave that started at the swing high $71,305 and ended with the low $64,570.
Source: BTCUSD on TradingView.com
You can also find out more about the following: next Major resistance lies near $68,750. Bitcoin’s gains could push it towards the $70,000 area of resistance.
BTC: More losses in the BTC market?
Bitcoin could fall further if it fails to break through the resistance level of $66,600. The $65,200 support level is the immediate downside support.
First, you will receive $64,600. The initial major assistance is $64,600. next Support is at $64,000. A close below the $64,000 level could trigger a price drop towards the $62,500 mark. In the short term, any further losses could send the price towards the support zone of $60,500.
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 – $65,200, followed by $64,500.
Major Resistance Levels – $66,600, $67,000, and $67,950.
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