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Home»EXCHANGE NEWS»Bitcoin price turns red and risks further downside below $63,000
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Bitcoin price turns red and risks further downside below $63,000

By Crypto FlexsApril 26, 20243 Mins Read
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Bitcoin price turns red and risks further downside below ,000
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Bitcoin price failed to recover above the $65,500 resistance level. BTC is trending lower again and is at risk of falling further below $63,000.

  • Bitcoin began another downtrend after failing to break above the $65,500 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) has a bearish trend line attached, forming at resistance $64,500.
  • A daily close below the $63,000 support could lead the pair to move lower.

Bitcoin Price Faces Hurdles

Bitcoin price began its recovery at the $62,750 support zone. BTC was able to break above the $64,000 and $64,500 resistance levels. However, the price failed to break the $65,500 resistance zone.

A high was formed at $65,300 and the price began another downward trend. There was movement below the $64,500 level. Price tested the 50% Fib retracement level of the recovery wave from the $62,743 swing low to the $65,300 high.

Bitcoin is currently trading below $64,500 and the 100-hour simple moving average. On the hourly chart of the BTC/USD pair, there is also a bearish trend line connecting with resistance at $64,500.

Immediate resistance is near the $64,500 level or the trend line. The first major resistance could be $65,350 or $65,500. A clear break above the $65,500 resistance could push the price higher. The next resistance level is currently at $66,200.

Source: TradingView.com BTCUSD

If there is a clear move above the $66,200 resistance zone, the price may continue to rise. If specified, the price could go as high as $67,000. The next major resistance is near $67,400. 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 $64,500 resistance zone, it may continue to fall. Immediate support for the downside is near the $64,000 level.

The first major support is at $63,750 or the 61.8% Fib retracement level of the recovery wave from the $62,743 swing low to the $65,300 high. If the closing price is below $63,750, the price may start to fall towards $62,750. More losses could lead the price towards the $61,200 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 – $64,000, $63,750.

Key resistance levels – $64,500, $65,350 and $66,200.

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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