After struggling near $64,550, Bitcoin’s price began to decline again. BTC dropped below the $63,500 level and could continue its downward movement.
- Bitcoin has started to decline again from its resistance level of $64,550.
- This price has fallen below the simple moving average of 100 hours (and $63,500) and is currently trading at a lower level.
- The hourly chart for the BTC/USD pairs shows a connective bearish trendline with resistance around $63,600. (Data feed from Kraken).
- This pair may extend its losses if it moves below the support levels of $62,700 or $62,500.
Bitcoin Price Drops Even Further
Bitcoin failed to reach the previous price. $65,000 level. BTC battled at $64,550, and began another downward trend. The decline was steady below $64,000 and 63,500.
Price even dropped below $63,000. The price has now reached a low of $62,700. A connecting trend line is forming on the hourly BTC/USD charts. The resistance level at $63,600 represents a bearish tendency.
Bitcoin now trades below $63,500. 100 hourly Simple moving average. If there’s a wave of recovery, then the price might face resistance around the $63,550 mark and the 23,6% Fib Retracement Level from the drop down to the 62,700 level.
First, the major resistance level could be $64,000. Next, the key resistance level could be at $64,500. This is the Fib 50% retracement of the decline from the swing high $66,444 to the low $62,700.
Price could rise if a clear break above $64,500 is made. The price may rise in the case stated and try to test the resistance of $65,500. BTC could reach the $66,200 barrier in the short term if it gains more.
BTC to have more downsides than before?
Bitcoin could fall further if it fails to break through the resistance level of $63,550. Near the $62,700 mark, there is immediate support for the downside.
First, we have $62,200. Now, the next major support zone is forming around $62,000. If the market continues to fall, it could soon reach the support level of $61,200.
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 – $62,700, followed by $62,200.
Major Resistance Levels – $63,550, and $64,500.
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Source: www.newsbtc.com
