Bitcoin Struggles to Surpass Key Resistance
Bitcoin has faced challenges in breaking through the crucial resistance levels at $67,000 and $67,200, resulting in a fresh decline below the $66,000 mark. The cryptocurrency attempted to form a short-term topping pattern, leading to a dip below the $65,500 support level.
Moreover, a key bullish trend line with support at $66,200 was breached on the hourly chart of the BTC/USD pair. This downward movement saw the pair dropping below $63,650 before finding some stability around $63,583.
Currently, Bitcoin is trading below $65,500 and the 100 hourly Simple Moving Average, indicating a bearish sentiment in the market. As the price consolidates losses, there is potential for a correction, although bears are likely to remain active around the $65,500 zone.
Bitcoin Price Forecast
If Bitcoin price fails to surpass the $65,350 resistance level, a continuation of the downward trend can be expected. Immediate support is anticipated near the $63,500 mark, with further significant support at $62,600. A breakdown below $62,600 could trigger a further decline towards $61,200 and potentially even $60,000.
Technical Indicators:
- Hourly MACD – The MACD is showing signs of deceleration in the bearish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD has dipped below the 50 level, suggesting a weakening bullish momentum.
Key Price Levels to Watch:
- Major Support Levels – $63,500, followed by $62,600.
- Major Resistance Levels – $65,350, $65,850, and $67,000.
Potential Upside and Downside
If Bitcoin manages to break above the $65,350 resistance, there could be a bullish rally towards higher resistance levels at $65,850 and $67,000. However, failure to surpass this barrier may lead to further downside movement.
Conclusion
Bitcoin’s struggle to surpass the key resistance levels at $67,000 and $67,200 has prompted a fresh decline in its price. With immediate support near $63,500, the cryptocurrency is at a crucial juncture that could determine its short-term trajectory. Traders are advised to monitor the price action closely for potential trading opportunities.
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