Bitcoin price extended its decline and traded below the $64,500 level. BTC is adjusting its losses, but the bears are still in control and targeting more losses.
- Bitcoin continued its downward trend, trading below $64,500.
- The price is trading below $65,500 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a connecting trendline forming resistance at $65,400.
- The pair remains at risk of further downside below the $64,000 support.
Bitcoin price falls further
Bitcoin price continued its downward trend after settling below the $66,500 resistance zone. BTC extended losses and traded below the $65,000 level. It also fell below $64,500.
The low was formed at $64,050 and the price is currently correcting losses. There was some recovery above the $64,500 level. Prices crossed the 23.6% Fib retracement level of the bearish wave from the $67,255 swing high to the $64,050 low.
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 connecting trend line forming resistance at $65,400.
On the other hand, the price is finding resistance near the $65,500 level and the trend line. The first major resistance could be $65,650 or the 50% Fib retracement level of the downside wave from the $67,255 swing high to the $64,050 low. The next major resistance could be $66,000.
A clear break above the $66,000 resistance could initiate a significant rally and push the price higher. If indicated, the price could move higher and test the $66,500 resistance. Further gains could push BTC towards $67,500 resistance in the near term.
Will there be more losses in BTC?
If Bitcoin fails to rise above the $65,400 resistance zone, another decline could begin. Immediate support for the downside is near the $64,800 level.
The first major support is at $64,200. 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 close to the 50 level.
Key support levels – $64,500, then $64,000.
Key resistance levels – $65,400 and $66,000.