Bitcoin’s Price Struggle Continues as Decline Extends
Bitcoin’s price faced challenges in recovering above the $66,500 resistance zone, signaling a bearish trend that led to a fresh decline from the $67,256 high. The cryptocurrency failed to sustain gains and moved below the $66,500 level, plunging to $64,611 before consolidating losses. Currently, Bitcoin is trading below $66,000 and the 100 hourly Simple Moving Average, with a resistance level at $67,500 on the hourly chart of the BTC/USD pair.
Continued Downward Movement Expected
- Bitcoin may experience further downside movement if it fails to surpass the $66,000 resistance zone.
- Immediate support lies near the $65,000 level, with major support at $64,500.
- A failure to hold above current support levels could push the price towards $63,200 in the short term.
Key Technical Indicators
- Hourly MACD โ Indicates a bearish trend gaining momentum.
- Hourly RSI โ The Relative Strength Index for BTC/USD is currently below the 50 level.
- Major Support Levels โ $65,000 and $64,500.
- Major Resistance Levels โ $66,000 and $66,500.
Implications of Failing to Surpass Resistance
If Bitcoin fails to breach the $66,000 resistance level, the cryptocurrency is likely to see further downward movement. Immediate support can be found at $65,000, with significant support at $64,500. Failure to hold above these levels could lead to a decline towards the $63,200 support zone in the near future.
Technical Indicators Point Towards Bearish Sentiment
The Hourly MACD is gaining momentum in the bearish zone, indicating a strengthening downward trend. Meanwhile, the Hourly RSI for BTC/USD is currently below the 50 level, signaling a bearish phase for Bitcoin’s price movements. Major support levels are identified at $65,000 and $64,500, while key resistance levels stand at $66,000 and $66,500.
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