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Home»EXCHANGE NEWS»Bitcoin price may attempt to regain lost ground, but faces many obstacles
EXCHANGE NEWS

Bitcoin price may attempt to regain lost ground, but faces many obstacles

By Crypto FlexsJune 20, 20242 Mins Read
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Bitcoin price may attempt to regain lost ground, but faces many obstacles
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Bitcoin price is consolidating above the $64,000 level. BTC could follow Ethereum and attempt a recovery if it clears the $65,650 resistance area.

  • Bitcoin began a small recovery above the $65,000 level.
  • The price is trading below $65,500 and the 100-hour simple moving average.
  • On the hourly chart of the BTC/USD pair (data feed from Kraken), there is a short-term contraction triangle forming with resistance at $65,400.
  • A break above the $65,400 and $65,650 resistance levels could signal a recovery.

Bitcoin price faces resistance

Bitcoin price extended losses and traded below the $65,000 level. BTC also tested the $64,000 zone. The low was formed at $64,050 and the price is currently correcting losses.

There was some recovery above the $64,500 level. The price recently broke above the 23.6% Fib retracement level of the decline from the $67,255 swing high to the $64,050 low. However, bears remain active near the $65,500 area.

Bitcoin is currently trading below $65,500 and the 100-hour simple moving average. On the hourly chart of the BTC/USD pair, there is also a short-term contraction triangle with resistance forming at $65,400.

On the other hand, the price is finding resistance near the $65,400 level and the triangle trend line. The first major resistance could be $65,650 or the 50% Fib retracement level of the recent decline from the $67,255 swing high to the $64,050 low. The next major resistance could be $66,000.

Source: TradingView.com BTCUSD

A clear break above the $66,000 resistance could mark the start of a steady rise and push the price higher. If indicated, the price could move higher to test the $66,550 resistance. Further gains could push BTC towards $67,500 resistance in the near term.

Another drop in BTC?

If Bitcoin fails to rise above the $65,650 resistance zone, another decline could begin. Immediate support for the downside is near the $64,850 level.

The first major support is $64,400. The next support is currently forming near $64,000. More losses could lead the price towards the $63,200 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 above the 50 level.

Key support level – $64,400, then $64,000.

Key resistance levels – $65,400 and $65,650.

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