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Home»EXCHANGE NEWS»As the bears strengthened, the price of Bitcoin fell to $66,000. Will it be $64,000 next time?
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As the bears strengthened, the price of Bitcoin fell to $66,000. Will it be $64,000 next time?

By Crypto FlexsApril 2, 20243 Mins Read
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As the bears strengthened, the price of Bitcoin fell to ,000.  Will it be ,000 next time?
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Bitcoin price began another decline away from the $70,000 resistance zone. BTC fell more than 5% and moved below the $67,500 support level.

  • Bitcoin price is gaining bearish momentum around the $70,000 resistance zone.
  • The price is trading below $68,500 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 with resistance near $68,400.
  • In the short term, the decline may extend to the $64,000 support area.

Bitcoin price turns red

Bitcoin price has struggled to break above the $70,000 resistance zone. BTC reacted to the downside after breaking the $69,200 support zone. There was a sharp move below the $68,500 level.

The price also fell below the $67,000 level. Finally, a bearish angle tested $66,000. A low was made around $65,992 and the price is currently recovering. There was a move above the $66,800 level.

The price broke above the 23.6% Fib retracement level moving down from the $69,884 swing high to the $65,992 low. However, Bitcoin is currently trading below $68,500 and the 100-hour simple moving average. The hourly chart of BTC/USD also has a major bearish trend line forming with resistance near $68,400.

Immediate resistance is near the $68,000 level. This is close to the 50% Fib retracement level of the downward move from the $69,884 swing high to the $65,992 low. The first major resistance could be $68,500 and the trend line. If there is a clear move above the $68,500 resistance zone, the price could start a fresh rise.

Source: TradingView.com BTCUSD

If indicated, the price may rise towards the $70,000 resistance zone in the near term. The next major resistance is near $71,500.

Will there be more losses in BTC?

If Bitcoin fails to rise above the $68,000 resistance zone, it may continue to fall. Immediate support for the downside is near the $66,000 level.

The first major grant is $65,000. The next grant is $64,000. If it closes below $64,000, the price may start to fall towards the $62,500 level. More losses could push the price towards the $60,500 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 – $66,000, then $65,000.

Key resistance levels – $68,000, $68,500 and $70,000.

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.

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