Bitcoin price has been struggling to recover above key levels, as it extended its losses below $65,000. The cryptocurrency is showing bearish signs and there is a possibility that it might continue to move down below the $64,600 support level. The price is currently trading below $66,000 and the 100 hourly Simple Moving Average, indicating a bearish sentiment in the market.
Resistance and Support Levels
There is a connecting trend line forming with resistance at $67,500 on the hourly chart of the BTC/USD pair. The pair could face resistance near the $66,000 level, followed by the 50% Fib retracement level of the downward move from the $67,256 swing high to the $64,611 low. The first major resistance is seen at $66,250, with the next key level at $66,500. In order to see a significant increase in price, Bitcoin needs to break above the $66,500 resistance level, which could push the price towards $67,500 in the near term.
On the downside, immediate support is seen near the $65,000 level, with the first major support at $64,600. If the price fails to hold above these levels, it could continue to move down towards the $64,500 support zone. Any further losses might lead Bitcoin towards the $63,200 support level.
Technical Indicators
Looking at the technical indicators, the hourly MACD is gaining pace in the bearish zone, signaling further downside potential. The hourly RSI for BTC/USD is currently below the 50 level, indicating a bearish momentum in the market. It is important for Bitcoin to break above the resistance levels mentioned earlier in order to reverse the current downtrend.
Overall, Bitcoin price is facing significant resistance levels on the upside, while the downside potential remains a concern. Traders and investors need to closely monitor the price action and key levels to assess the future direction of Bitcoin in the short term. With bearish signs prevalent in the market, caution is advised when trading or investing in Bitcoin at the moment.
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