Bitcoin Price Continues to Decline Below Support Levels
The price of Bitcoin is currently moving lower, falling below the key support level of $64,000. It is also trading below $63,500 and the 100 hourly Simple Moving Average (SMA). The BTC/USD pair is facing resistance at $63,300, as indicated by a bearish trend line forming on the hourly chart. However, if the pair manages to break through the $65,200 resistance zone in the near future, it could potentially initiate an upward movement.
Bitcoin Price Grinds Lower
Bitcoin’s price has entered a short-term bearish zone below the $66,500 level. It has dropped below both the $65,000 and $64,000 support levels, reaching a new weekly low. The price even fell below the $62,500 support level and reached a low point near $61,537. Currently, Bitcoin is consolidating its losses and struggling to surpass the 23.6% Fib retracement level from its recent decline.
Furthermore, Bitcoin is now trading below $63,500 and the 100 hourly SMA. On the hourly chart of the BTC/USD pair, there is a bearish trend line forming with resistance at $63,300.
Possible Upside Move if Resistance is Broken
The primary resistance level that Bitcoin needs to overcome is at $64,000. If it successfully surpasses this level, it may attempt to reach the $65,200 resistance zone. This zone aligns with the 50% Fib retracement level from the swing high of $68,898 to the low of $61,537. Further gains could potentially push the price towards the $67,000 level.
Potential for Further Losses
If Bitcoin fails to break through the $63,300 resistance zone, it may continue its downward movement. Immediate support can be found at the $62,000 level. The first major support is at $61,500, followed by $60,500. A close below $60,500 could trigger a drop towards the $60,000 level. Additionally, if the selling pressure persists, Bitcoin may fall further towards the $58,800 support zone in the near future.
Technical Indicators
The following technical indicators provide insights into Bitcoin’s current situation:
- Hourly MACD: The MACD is currently showing increasing bearish momentum.
- Hourly RSI (Relative Strength Index): The RSI for BTC/USD is now below the 50 level.
Conclusion
The price of Bitcoin continues to decline as it falls below key support levels and faces resistance at $63,300. If it manages to break through this resistance and surpass the $64,000 level, an upward movement towards the $65,200 resistance zone is possible. However, if Bitcoin fails to overcome the resistance and drops below the immediate support levels of $62,000 and $61,500, it may experience further losses towards the $60,000 and $58,800 levels.
Disclaimer: The information provided here does not constitute investment advice or financial advice. Always do your own research before investing in any cryptocurrency.
Hot Take: Bitcoin Price Struggles to Maintain Upward Momentum
The price of Bitcoin has been facing significant challenges in maintaining its upward momentum. Despite attempting to break through key resistance levels, such as $64,000 and $63,300, the price continues to decline. This downward movement is evident as Bitcoin falls below support levels and struggles to surpass the 100 hourly SMA.
Investors and traders should closely monitor the $62,000 and $61,500 support levels, as a break below these levels could trigger further losses. On the other hand, if Bitcoin manages to break through the resistance at $63,300 and $64,000, it may regain its bullish momentum and target higher resistance levels.
As always, it is important to conduct thorough research and analysis before making any investment decisions.
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