Bitcoin Price Trends Downwards
Bitcoin price has taken a downwards turn, dropping below key support levels. The cryptocurrency is now trading under $67,500 and below the 100 hourly Simple Moving Average. A notable bearish trend line has formed with resistance near $67,200 on the BTC/USD hourly chart.
Bitcoin Price Drops Further
The decline in Bitcoin price intensified after breaking the $68,000 support zone and continued below $65,500 and $65,000. Eventually, it reached as low as $64,572 before starting to consolidate losses and making a slight recovery.
- A low was established near $64,572 before the price started consolidating.
- There was a slight upward move above the $65,000 level.
- The price even tested the 23.6% Fibonacci retracement level of the recent downward movement.
Resistance and Potential Recovery
Bitcoin is currently facing resistance below $67,000 and the 100 hourly Simple Moving Average. The key resistance lies around $67,200 along with the bearish trend line. A potential recovery might be possible, but bears are likely to remain active near $67,000.
- The immediate resistance is near $66,000, with further resistance at $67,200 and the trend line.
- A clear breakthrough above $67,200 could signal a fresh uptrend towards $67,950.
- The next major resistance sits at the $68,500 level, potentially leading to a push towards $70,000.
Potential for Further Losses
If Bitcoin fails to break above the $67,200 resistance zone, there is a risk of further downward movement. Immediate support is expected around $65,200, with major support levels at $64,500 and $64,000. A close below $64,000 could trigger a drop towards $62,500 and potentially $60,500 in the near future.
- Hourly MACD is showing signs of strengthening bearish momentum.
- Hourly RSI has dropped below the 50 level, indicating a weakening bullish trend.
- Major support levels to watch include $65,200 and $64,500, while resistance levels stand at $66,000, $67,200, and $67,950.
Hot Take: Conclusion
Bitcoin’s price trajectory has taken a bearish turn, with the cryptocurrency struggling to maintain levels above key resistances. Continued pressure might lead to further downside movement, with immediate support at $65,200 and major support at $64,500. A failure to break above resistance at $67,200 could pave the way for a drop towards $60,500 in the short term.
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