Bitcoin has begun a further decline since it reached the $67,000 level. BTC shows bearish signals and could soon return to the $61,000 zone of support.
- Bitcoin is still struggling to overcome the $67,000 barrier.
- It is currently trading at a price below $65,000, and it’s moving lower than the 100-hour Simple Moving average.
- A break was seen below an ascending channel, with a support of $64,900 in the BTC/USD chart (data feed by Kraken).
- It is possible that the pair will continue to decline until it breaks through $65,000.
Bitcoin Price Recovery Stalls
The Bitcoin Price Tried a recovery wave Above the $65,000 Resistance Zone. BTC rose even above $66,200 but bears were still active in the $67,000 area.
The price began to decline as tensions increased between Israel and Iran. A move was made below $65,000 and 64,000. The price was below the Fib 50% retracement of the uptrend from the swing-low $60,495 high to the swing-high $66,898.
On the hourly BTC/USD chart, there was a breakdown below the rising channel that had support at $64,900. Bitcoin is currently trading under $65,000, and the USD/BTC pair has broken below a rising channel. 100 hourly Simple moving average. The bulls have now protected the 61.8% Fib Retracement Level of the uptrend from the 60,495 swing-low to the 66,898 high level at $63,000.
Near the level of $63,750, there is immediate resistance. First major resistance may be at $64,700. First, you might have to pay $64,700. next Resistance is currently at $65,000. The price may continue moving up if there is an obvious move over the $65,000 zone of resistance. If the case is stated, then the price might rise towards $66,800 or the 100 hourly simple moving average.
Source: BTCUSD on TradingView.com
It is important to note that the word “you” means “you”. next The $67.200 resistance zone is a major area of concern. Bitcoin could reach the $70,000 zone of resistance in the short term if it gains more.
BTC Losses Increased?
Bitcoin’s next decline could be triggered if the currency fails to move above $65,000. Support for the short-term is at the $63,000 mark.
First, $62,000 is a major level of support. Price could drop towards $61,000 if the close is below $62,000. In the short term, any further losses could send the price towards the support zone of $60,500.
Indicators of 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 below the 50 level.
Major Support Levels – $63,000, followed by $62,000.
Major Resistance Levels – $64,700, $65,000, and $67,000.
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