Bitcoin price has had difficulty settling above $65,000. BTC is trending lower again and is at risk of falling further below $62,000.
- Bitcoin began another downtrend after failing to break above the $64,000 resistance zone.
- The price is trading below $64,500 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 at resistance $63,350.
- A daily close below the $62,400 support area could lead the pair to move lower.
Bitcoin price plummets again
Bitcoin price attempted a new rise above the $64,000 level. However, BTC failed to gain speed above the $65,000 resistance zone. A high was formed at $64,301 and the price began another downward trend.
There was movement below the $63,800 level. The price fell below the 50% Fib retracement level, rising from the $62,408 swing low to the $64,301 high. Bitcoin is currently trading below $63,200 and the 100-hour simple moving average.
The hourly chart of the BTC/USD pair also has a major bearish trendline forming resistance at $63,350. The pair exhibits a bearish bias below the 76.4% Fib retracement level rising from the $62,408 swing low to the $64,301 high.
Immediate resistance is near the $63,350 level or the trend line. The first major resistance could be $64,000 or $64,300. A clear break above the $64,300 resistance could push the price higher. The next resistance is now at $65,000.
Source: TradingView.com BTCUSD
If there is a clear move above the $65,000 resistance zone, the price may continue to rise. If specified, the price could go as high as $65,500. The next major resistance is near $66,200. If more gains occur, Bitcoin may head towards the $67,500 resistance zone in the near term.
Will there be more losses in BTC?
If Bitcoin fails to rise above the $63,350 resistance zone, it may continue to fall. Immediate support for the downside is near the $62,400 level.
The first major support is $62,000. If the closing price falls below $62,000, 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 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 – $62,400, then $62,000.
Key resistance levels – $63,350, $64,000 and $65,000.
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