Bitcoin price is still struggling below the $65,000 resistance zone. BTC needs to stay above the $60,000 support zone to avoid a major decline.
- Bitcoin is still struggling to gain speed above the $65,000 resistance zone.
- The price is trading below $63,000 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a major bearish trendline forming at resistance $62,650.
- A break above the $63,000 resistance area could provide bullish momentum.
Bitcoin Price Still in Risk
Bitcoin price failed to break the $64,500 resistance level. BTC made a short-term high at $64,450 and began another downtrend. It moved below the $63,000 and $62,000 levels.
The price also soared below the $60,000 mark. A low was formed near $59,700 and the price is now attempting a new recovery. The price recently broke above the 23.6% Fib retracement level of the decline from the $64,444 swing high to the $59,700 low.
Bitcoin price is trading below $63,000 and the 100-hour simple moving average. Immediate resistance is near the $62,000 level. It is close to 50% of the Fib retracement level of the recent decline from the $64,444 swing high to the $59,700 low.
The first major resistance level is $62,650 and could become a trend line. The next resistance is now at $63,000. If there is a clear move above the $63,000 resistance zone, the price may continue to rise. If specified, the price could go as high as $64,500.
Source: TradingView.com BTCUSD
The next major resistance is near $65,000. If more gains occur, Bitcoin may head towards the $66,500 resistance zone in the near term.
Will there be more losses in BTC?
If Bitcoin fails to rise above the $63,000 resistance zone, another decline could begin. Immediate support for the downside is near the $60,800 level.
The first major grant is $60,000. If it closes below $60,000, the price could start to fall towards the $59,200 level. More losses could push the price towards the $58,500 support area in the near term.
Technical indicators:
Hourly MACD – MACD is currently losing pace in bearish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now below the 50 level.
Key support levels – $60,800, then $60,000.
Key resistance levels – $62,650, $63,000 and $64,500.
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.