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Home»EXCHANGE NEWS»Bitcoin Price Consolidates Losses, but Recovery Could Face Hurdles
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Bitcoin Price Consolidates Losses, but Recovery Could Face Hurdles

By Crypto FlexsApril 3, 20243 Mins Read
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Bitcoin Price Consolidates Losses, but Recovery Could Face Hurdles
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Bitcoin price extended its decline below the $65,000 support zone. BTC is currently consolidating losses and may attempt a recovery towards $67,000.

  • Bitcoin price fell further below the $65,500 and $65,000 levels.
  • The price is trading below $67,500 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 $67,200.
  • The pair may recover, but the bears may remain active near $67,000.

Bitcoin price falls further

Bitcoin price went into the red after breaking the $68,000 support zone. BTC extended its decline below the $65,500 and $65,000 levels. It last tested the $64,500 region.

A low was formed near $64,572 and the price is currently consolidating losses. There was a move above the $65,000 level. The price also tested the 23.6% Fib retracement level moving down from the $71,306 swing high to the $64,572 low.

Bitcoin is currently trading below $67,000 and the 100-hour simple moving average. The hourly chart of BTC/USD also has a major bearish trend line forming with resistance near $67,200.

Immediate resistance is near the $66,000 level. The first major resistance level is $67,200 and could become a trend line. If there is a clear move above the $67,200 resistance zone, the price could start a fresh rise. If stated, the price may rise towards the 50% Fib retracement level of the downside move from the $71,306 swing high to the $64,572 low at $67,950.

Source: TradingView.com BTCUSD

The next major resistance is near $68,500. 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 $67,200 resistance zone, it may continue to fall. Immediate support for the downside is near the $65,200 level.

The first major support is $64,500. 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 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 – $65,200, then $64,500.

Key resistance levels – $66,000, $67,200, $67,950.

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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