Bitcoin Price Analysis: Will BTC See More Losses?
Bitcoin has continued to trade in a bearish zone, remaining below the key resistance level of $64,500. The cryptocurrency saw further losses as it dipped below $65,000, signaling potential downside risk. Here’s an analysis of the current price movement and what to watch out for:
Bitcoin Price Dips Further
Bitcoin’s price trajectory has been on a downward trend after failing to surpass the $66,500 resistance level. The digital asset extended its losses and dropped below $65,000, with a subsequent dip below $64,500. Following this decline, a low point was established at $64,050, prompting a correction in the price trend.
- A minor recovery saw Bitcoin surpass the $64,500 level, marking a positive shift.
- The price managed to climb above the 23.6% Fib retracement level, hinting at a possible upward momentum.
- Despite these movements, Bitcoin is currently trading below $65,500 and the 100 hourly Simple moving average, suggesting a bearish sentiment.
Bitcoin Faces Resistance Levels
As Bitcoin attempts to recover from recent losses, it encounters significant resistance levels that could impact its price trajectory:
- The $65,500 mark poses a key resistance point along with a trend line at $65,400 on the hourly chart.
- If Bitcoin manages to breach this resistance, it could face hurdles at $65,650 and $66,000, respectively.
- A breakthrough above $66,000 might trigger a bullish trend, propelling the price towards $66,500 and $67,500 resistance levels.
Potential For More Losses In BTC?
Despite the attempts at recovery, Bitcoin could face further downside risks if it fails to overcome key resistance levels. Here are some support levels to monitor in case of a price reversal:
- Immediate support lies at $64,800, followed by a major support zone at $64,200.
- A breach below $64,200 could lead to a test of the $64,000 support level.
- Further losses might push Bitcoin towards the $63,200 support zone in the near term.
Technical Indicators and Key Levels
Monitoring technical indicators and key support/resistance levels can provide insights into Bitcoin’s price movements:
- Hourly MACD: The MACD indicator is showing signs of slowing down in the bearish zone.
- Hourly RSI: The Relative Strength Index for BTC/USD is hovering around the 50 level, indicating a balanced market sentiment.
- Key Support Levels: $64,500, followed by $64,000.
- Key Resistance Levels: $65,400, and $66,000.
Hot Take: Stay Cautious Amid Volatility
As Bitcoin continues to navigate through price fluctuations and resistance levels, it is essential for investors to approach the market with caution. Market volatility may persist, and monitoring key support and resistance levels remains crucial for informed decision-making in the crypto space.
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