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Home»EXCHANGE NEWS»Bitcoin Price Cuts Gains Amid Escalating War Can the bull save the day?
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Bitcoin Price Cuts Gains Amid Escalating War Can the bull save the day?

By Crypto FlexsApril 25, 20243 Mins Read
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Bitcoin Price Cuts Gains Amid Escalating War  Can the bull save the day?
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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.

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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