Bitcoin price failed to clear resistance at $67,000. BTC has pared its gains and is currently struggling to stay above the $63,650 support area.
- Bitcoin began another downtrend after failing to break above the $67,200 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 has occurred below the main bullish trendline with support at $66,200.
- The pair may correct higher, but the bears may remain active near the $65,500 area.
Bitcoin price falls again
Bitcoin price struggled to break through the $67,000 and $67,200 resistance levels. BTC formed a short-term high pattern and began a new decline below the $66,000 level.
There was a move below the $65,500 support level. Moreover, a break occurred below the main bullish trendline supporting $66,200 on the hourly chart of the BTC/USD pair. The pair surged below $63,650. The low was formed at $63,583 and the price is currently consolidating losses.
Bitcoin price is currently trading below $65,500 and the 100-hour simple moving average. Immediate resistance is near the $64,500 level or the 23.6% Fib retracement level of the downside move from the $67,195 swing high to the $63,583 low.
The first major resistance could be the 50% Fib retracement level at $65,350 or a downward move from the $67,195 swing high to the $63,583 low. A clear break above the $65,350 resistance could push the price higher. The next resistance level is currently at $65,850. If there is a clear move above the $65,850 resistance zone, the price may continue to rise. If specified, the price could go as high as $67,000.
Source: TradingView.com BTCUSD
The next major resistance is near $67,200. 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 $65,350 resistance zone, it may continue to fall. Immediate support for the downside is near the $63,500 level.
The first major support is $62,600. If the closing price falls below $62,600, the price may start to fall towards $61,200. More losses could push the price towards the $60,000 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 – $63,500, then $62,600.
Key resistance levels – $65,350, $65,850 and $67,000.
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