Bitcoin Struggles to Break Key Resistance Levels
Bitcoin is currently facing several obstacles near the $66,500 and $67,000 levels as the price remains below the 100 hourly Simple Moving Average. Additionally, a significant bearish trend line is forming with resistance close to $66,400 on the hourly chart of the BTC/USD pair, indicating a possible downside break below the $64,500 support zone.
Bitcoin Price Consolidation
Following a drop to around $64,500, Bitcoin entered a consolidation phase. The cryptocurrency managed to stay above the $66,000 mark and even surpassed the 23.6% Fib retracement level of the recent downward movement from the $71,305 swing high to the $64,570 low. However, selling pressure intensified near $66,600.
- Bitcoin is trading below $67,000 and the 100 hourly Simple Moving Average.
- A major bearish trend line is forming with resistance near $66,400 on the hourly chart.
- Next major resistance levels are $66,600, $68,750, and $70,000.
Potential Losses in Bitcoin
If Bitcoin fails to break above the $66,600 resistance zone, it could experience further downside movement. Immediate support is anticipated near $65,200, with major support levels at $64,600 and $64,000. A breach below $64,000 might trigger a decline towards the $62,500 support area in the short term.
- Hourly MACD is gaining momentum in the bearish zone.
- Hourly RSI for BTC/USD is currently below the 50 level.
- Major support levels: $65,200, $64,500.
- Major resistance levels: $66,600, $67,000, $67,950.
Technical Analysis Summary
In summary, Bitcoin is facing resistance near $66,500 and $67,000 levels and is struggling to break these key barriers. With the price trading below the 100 hourly Simple Moving Average and a bearish trend line forming, there is a risk of a downside break below the $64,500 support zone. Failure to overcome the $66,600 resistance could lead to further losses towards $62,500 in the short term.
Hot Take: Stay Cautious as Bitcoin Battles Resistance
As Bitcoin continues to face hurdles near crucial resistance levels, it is essential to exercise caution in your trading strategies. Keep a close eye on the $66,600 resistance zone and monitor developments closely to make informed decisions. Remember to consider both bullish and bearish scenarios as the market dynamics evolve.
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