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Home»EXCHANGE NEWS»Bitcoin Price Drop Hints: Prepare for a Potential Downturn
EXCHANGE NEWS

Bitcoin Price Drop Hints: Prepare for a Potential Downturn

By Crypto FlexsJuly 21, 20242 Mins Read
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Bitcoin Price Drop Hints: Prepare for a Potential Downturn
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Bitcoin price corrected above the $66,000 resistance level. BTC fell below $64,000 and could extend losses in the short term.

  • Bitcoin has started a new downside correction from the $66,000 resistance level.
  • The price is trading below $64,500 and the 100 hourly simple moving average.
  • According to data provided by Kraken, a major bullish trend line has broken below the support level of $64,500 on the hourly chart of BTC/USD.
  • If this currency pair breaks below the support area of ​​$62,500, a downtrend is likely.

Bitcoin Price Drops Again, Can Bulls Fend Off Further Losses?

Bitcoin price failed to extend its gains above the $65,500 and $66,000 resistance levels. BTC started a downward correction and traded below the $65,000 level.

There was a break below the major bullish trend line with support at $64,500 on the hourly chart of the BTC/USD pair. The downtrend pushed the price below the $64,000 level. A low was formed at $63,225 and the price is consolidating losses.

The recent downtrend is testing the 23.6% Fibonacci retracement level from the $66,026 swing high to the $63,225 low. Bitcoin price is currently trading below $64,500 and the 100-hourly SMA. If there is a new uptrend, the price may face resistance near the $64,000 level.

The first major resistance is near the $64,650 level. It is near the 50% Fibonacci correction level of the recent decline from the $66,026 swing high to the $63,225 low. A clear break above the $64,650 resistance could lead to another upside move in the coming session.

Source: BTCUSD on TradingView.com

The next major resistance could be $65,500. The next major hurdle is $66,000. A close above the $66,000 resistance could push the price higher. If so, the price could rise and test the $67,200 resistance.

Another downside to Bitcoin?

If Bitcoin fails to break above the $64,650 resistance zone, it could continue to decline. Immediate support for the downtrend lies near the $63,250 level.

The first major support is at $63,000. The next support is currently near $62,500. If there is further loss, the price could move towards the $60,500 support area in the short term.

Technical indicators:

Hourly MACD – MACD is currently gaining momentum in a downtrend.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.

Key support levels – $63,225, then $63,000.

Key resistance levels – $64,650 and $65,500.

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