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Home»EXCHANGE NEWS»Bitcoin Price May Continue to Fall, Here’s Why
EXCHANGE NEWS

Bitcoin Price May Continue to Fall, Here’s Why

By Crypto FlexsApril 4, 20243 Mins Read
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Bitcoin Price May Continue to Fall, Here’s Why
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Bitcoin price is struggling to recover above the $67,000 level. If BTC closes below the $64,500 level, it could gain bearish momentum.

  • Bitcoin faces many obstacles near the $66,500 and $67,000 levels.
  • The price is trading below $67,000 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 $66,400.
  • The pair is now at risk of a downside break below the $64,500 support.

Bitcoin price gains remain limited

Bitcoin price fell to the $64,500 level and then began a consolidation phase. BTC traded as low as $64,572 and recently attempted a minor recovery.

There was a move above the $66,000 level. Prices crossed the 23.6% Fib retracement level of the bearish wave from the $71,305 swing high to the $64,570 low. However, the bears were actively trading near the $66,600 level.

Bitcoin is currently trading below $67,000 and the 100-hour simple moving average. The hourly chart of the BTC/USD pair also has a major bearish trend line forming with resistance near $66,400.

Immediate resistance is near the $66,400 level and trend line. The first major resistance could be at $66,600. If there is a clear move above the $66,600 resistance zone, the price could start a fresh rise. If indicated, the price could rise towards the 50% Fib retracement level of the downward wave from the $71,305 swing high to the $64,570 low to $67,950.

Source: TradingView.com BTCUSD

The next major resistance is near $68,750. 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 $66,600 resistance zone, it may continue to fall. Immediate support for the downside is near the $65,200 level.

The first major support is $64,600. 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 lead the price towards the $60,500 support area in the near term.

Technical indicators:

Hourly MACD – MACD is now picking up speed 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 – $66,600, $67,000 and $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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