Bitcoin price began another decline in the $67,000 range. BTC is in a downward trend and may soon revisit the $61,000 support zone.
- Bitcoin failed to break through the $67,000 resistance zone.
- The price is trading below $65,000 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), a break occurred below the rising channel supporting $64,900.
- Unless it breaks through the $65,000 resistance zone, the decline may widen.
Bitcoin price recovery halts
Bitcoin price attempted to recover above the $65,000 resistance zone. BTC rose above $66,200, but bears remained active near $67,000.
As tensions between Israel and Iran escalated, the price hit a high of $66,898 and then began to fall again. It moved below the $65,000 and $64,000 levels. The price traded below the 50% Fib retracement level, rising from the $60,495 swing low to the $66,898 high.
On the hourly chart of the BTC/USD pair, a break occurred below the rising channel supporting $64,900. Bitcoin is currently trading below $65,000 and the 100-hour simple moving average. The bulls are currently protecting the 61.8% Fib retracement level from the $60,495 swing low to the $63,000 swing high of $66,898.
Immediate resistance is near the $63,750 level. The first major resistance could be at $64,700. The next resistance is now at $65,000. If there is a clear move above the $65,000 resistance zone, the price may continue to rise. If indicated, the price may rise towards $66,800 and the 100-hour simple moving average.
Source: TradingView.com BTCUSD
The next major resistance is near $67,200. If more gains occur, Bitcoin may head towards the $70,000 resistance zone in the near term.
Will there be more losses in BTC?
If Bitcoin fails to rise above the $65,000 resistance zone, another decline could begin. Immediate support for the downside is near the $63,000 level.
The first major support is $62,000. If it closes below $62,000, the price may start to fall towards the $61,000 level. More losses could lead the price towards the $60,500 support area in the near term.
Technical indicators:
Hourly MACD – MACD is now losing speed in bearish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now below the 50 level.
Key support levels – $63,000, then $62,000.
Key resistance levels – $64,700, $65,000 and $67,000.
Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.