Bitcoin price continued its downward trend below the $65,000 support line. BTC is currently struggling to stay above the $62,000 support area and may even test $60,000.
- Bitcoin price is falling below the $64,000 support zone.
- The price is trading below $63,500 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 $63,300.
- In the near term, a break above the $65,200 resistance could initiate a significant uptrend.
Bitcoin price falls
Bitcoin price remained in a short-term bearish zone below the $66,500 area. BTC traded below the $65,000 and $64,000 support levels, setting a new weekly low.
There was a push below the $62,500 support level. A low was formed near $61,537 and the price is currently consolidating losses. The price is currently struggling below the 23.6% Fib retracement level of the decline from the $68,898 swing high to the $61,537 low.
Bitcoin is currently trading below $63,500 and the 100-hour simple moving average. Immediate resistance is near the $63,300 level. On the hourly chart of the BTC/USD pair, there is also a bearish trend line connecting with resistance at $63,300.
Source: TradingView.com BTCUSD
The first major resistance could be at $64,000. If there is a clear move above the $64,000 resistance zone, the price may try to move towards the $65,200 resistance zone. It is close to 50% of the Fib retracement level following the recent decline from the $68,898 swing high to the $61,537 low. More profits could push the price higher to the $67,000 level.
Will there be more losses in BTC?
If Bitcoin fails to rise above the $63,300 resistance zone, it may continue to fall. Immediate support for the downside is near the $62,000 level.
The first major support is $61,500. The next support is $60,500. If it closes below $60,500, the price may start to fall towards the $60,000 level. More losses could lead the price towards the $58,800 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 – $61,500, $60,000.
Key resistance levels – $63,300, $64,000 and $65,200.
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