Bitcoin price failed to recover above the $65,500 resistance level. BTC is trending lower again and is at risk of falling further below $63,000.
- Bitcoin began another downtrend after failing to break above the $65,500 resistance zone.
- The price is trading below $64,500 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) has a bearish trend line attached, forming at resistance $64,500.
- A daily close below the $63,000 support could lead the pair to move lower.
Bitcoin Price Faces Hurdles
Bitcoin price began its recovery at the $62,750 support zone. BTC was able to break above the $64,000 and $64,500 resistance levels. However, the price failed to break the $65,500 resistance zone.
A high was formed at $65,300 and the price began another downward trend. There was movement below the $64,500 level. Price tested the 50% Fib retracement level of the recovery wave from the $62,743 swing low to the $65,300 high.
Bitcoin is currently trading below $64,500 and the 100-hour simple moving average. On the hourly chart of the BTC/USD pair, there is also a bearish trend line connecting with resistance at $64,500.
Immediate resistance is near the $64,500 level or the trend line. The first major resistance could be $65,350 or $65,500. A clear break above the $65,500 resistance could push the price higher. The next resistance level is currently at $66,200.
Source: TradingView.com BTCUSD
If there is a clear move above the $66,200 resistance zone, the price may continue to rise. If specified, the price could go as high as $67,000. The next major resistance is near $67,400. If more gains occur, Bitcoin may head towards the $68,800 resistance zone in the near term.
Will there be more losses in BTC?
If Bitcoin fails to rise above the $64,500 resistance zone, it may continue to fall. Immediate support for the downside is near the $64,000 level.
The first major support is at $63,750 or the 61.8% Fib retracement level of the recovery wave from the $62,743 swing low to the $65,300 high. If the closing price is below $63,750, the price may start to fall towards $62,750. More losses could lead the price towards the $61,200 support area in the near term.
Technical indicators:
Hourly MACD – MACD is now picking up speed in bearish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now below the 50 level.
Key support levels – $64,000, $63,750.
Key resistance levels – $64,500, $65,350 and $66,200.
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