Bitcoin struggled for a few days to rise above the $65,000 mark. BTC has again moved lower, and the risk is that it will continue to fall below $62,000.
- Bitcoin has started to decline again after failing to break through the resistance level of $64,000.
- This price trades below $64,500, and 100-hour Simple moving average.
- The hourly chart for the BTC/USD pairs shows a bearish key trend line with resistance of $63,350. (Data feed by Kraken).
- If the pair closes below $62,400 on a daily basis, it could continue to fall.
Bitcoin price drops again
The Bitcoin Price Tried a fresh increase Above the $64,000 Zone BTC was unable to maintain a steady pace in order to push above the $65,000 zone of resistance. The price began to decline after a high of $64,301 was reached.
The price moved below the level of $63,800. Price fell below 50% of the Fib level that retraced the move upwards from the swing low at $62,408 to the high at $64,301. Bitcoin has fallen below the $63,200 mark and is currently trading at around $63,200. 100 hourly Simple moving average.
A key trend line is forming on the hourly BTC/USD charts. This resistance level of $63,350 represents a bearish tendency. The pair signals a downward bias beneath the Fib level of 76.4% retracement from the ascending move between the swing low $62,408 and the high $64,301.
Near the trend line or at $63,350, the nearest immediate resistance lies. First major resistance may be at $64,000 or even $64,300. The price could move higher if it moves above $64,300. If the price moves above $64,300, it could go higher. next Resistance is now at $65,000.
Source: BTCUSD on TradingView.com
The price may continue to rise if there is an upward movement above the resistance level of $65,000. The price may rise to $65,500 in the case stated. The next The $66,200 area is a major resistance zone. Bitcoin’s near-term gains could push it towards the $67.500 resistance level.
BTC: More losses in the BTC market?
Bitcoin could fall further if it fails to break through the resistance level of $63,350. Near the $62,400 support level, there is immediate downside support.
Sixty-two thousand dollars is the first important support. The price may start dropping towards $61,200, if there’s a close under $62,000. In the short term, any further losses could send the price towards the $60k support area.
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 – $62,400, followed by $62,000.
Major Resistance Levels – $63,350, $64,000, and $65,000.
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