Bitcoin Price Continues to Decline
Bitcoin is struggling to recover above $65,000 as it faces strong resistance near $64,550. The price has started a fresh decline, dropping below $63,500 and the 100 hourly Simple Moving Average. A bearish trend line is forming with resistance at $63,600 on the hourly chart of the BTC/USD pair. If the price fails to hold key support levels, it could extend its losses further.
Bitcoin Struggles to Find Support
- Bitcoin failed to break above the $65,000 resistance level and began to decline.
- The price is now below $63,500 and the 100 hourly SMA.
- A bearish trend line is forming with resistance at $63,600.
- If there is a clear break below $62,700, the price could extend losses.
Bitcoin Price Analysis
Bitcoin faced a strong barrier near the $65,000 level and started a downward move below $64,000. The price even broke the $63,500 support level and traded as low as $62,700. Currently, Bitcoin is consolidating losses below the $63,500 level and the 100 hourly SMA. An initial resistance is near $63,550 and the 23.6% Fib retracement level of the recent decline from the $66,444 high to $62,700 low.
If there is a break above $63,550, the price could test the $64,000 resistance. The next major resistance is near $64,500, above which the price might aim for $65,500. Conversely, if there is a downside break below $62,700, the price could continue to move down. The next major support is near $62,200, followed by $62,000 and $61,200.
Potential Bearish Scenario
- If Bitcoin fails to surpass the $63,550 resistance, it could extend its decline.
- The immediate support is at $62,700, followed by $62,200.
- Further losses might lead to support near $62,000 and $61,200.
- Key technical indicators suggest a bearish trend in the short term.
Technical Indicators and Key Levels
- Hourly MACD β The MACD is showing bearish signs.
- Hourly RSI β The RSI is below the 50 level, indicating bearish momentum.
- Major Support Levels β $62,700, $62,200
- Major Resistance Levels β $63,550, $64,500
Conclusion and Price Forecast
Bitcoin is currently facing resistance near $63,550 and struggling to gain bullish momentum. If the price fails to break above key resistance levels, it could continue to decline towards $61,200. On the other hand, a clear break above $64,500 may start a new uptrend and push the price towards $65,500 in the short term. Traders should monitor the key support and resistance levels to make informed trading decisions.
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