Bitcoin Struggles to Break Resistance
Bitcoin made an attempt to surpass the $65,000 resistance level, even reaching above $66,200. However, the bears stepped in at the $67,000 zone, preventing any further upward movement. As a result, the price declined, triggered by escalating tensions between Israel and Iran.
Following the unsuccessful breakout, Bitcoin fell below $65,000 and $64,000, breaking through the 50% Fib retracement level. Additionally, a rising channel support at $64,900 on the hourly BTC/USD chart was also breached, causing concern among investors.
Currently, Bitcoin is trading under $65,000 and the 100 hourly Simple Moving Average, with the bulls focusing on safeguarding the 61.8% Fib retracement level at $63,000.
Potential for Further Decline
Should Bitcoin fail to surpass the $65,000 resistance barrier, another downward trend might ensue. The initial support level lies at $63,000, with subsequent significant support at $62,000. A breach below $62,000 could send Bitcoin spiraling towards the $61,000 range.
Key technical indicators to monitor include:
- Hourly MACD โ Showing signs of a slowdown in the bearish zone.
- Hourly RSI (Relative Strength Index) โ Currently below the 50 level for BTC/USD.
Major price levels to watch out for are:
- Major Support Levels โ $63,000, followed by $62,000.
- Major Resistance Levels โ $64,700, $65,000, and $67,000.
Closing Thoughts on Bitcoinโs Price Movement
Bitcoinโs recent price action demonstrates the ongoing struggle to overcome key resistance levels. While an initial attempt was made to breach $65,000, the failure to sustain momentum resulted in a downside correction. Traders are closely monitoring support levels to anticipate potential further declines.
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