Bitcoin price has started a new decline below the $65,000 zone. $BTC is showing bearish signs and could continue to decline if it breaks below $62,000.
- Bitcoin failed to break above $65,500 and losses widened.
- The price is trading below the $64,000 and 100 hourly simple moving average.
- On the hourly chart of , a bearish trend line is forming with resistance near $63,200. $BTC/USD pair (data feed from Kraken).
- Losses can widen if this pair breaks below the $65,000 and $65,500 levels.
Losses widen in Bitcoin price
Bitcoin price failed to break above the $66,500 support zone. $BTC It remained in the bearish zone and extended its losses below the $65,000 level. There was a move below the $64,000 level.
The price was below $62,500. A low was formed at $61,255, and the price is still showing many bearish signs. This is below the 23.6% Fib retracement level of the decline from the swing high of $74,070 to the low of $61,255.
Bitcoin is currently trading below $64,000 and its 100-hour simple moving average. If the price remains stable above $61,200, it could attempt another rally. Immediate resistance is near the $63,200 level. There is also a bearish trend line forming resistance near $63,200 on the hourly chart. $BTC/USD pair.
The first major resistance level is near the $64,000 level. If the price closes above the $64,000 resistance level, the price could move higher. In the above case, the price may rise and test the $65,500 resistance level.
Further upside could push the price closer to the $65,500 level. The next barrier for the bulls could be $67,650 or the 50% Fib retracement level of the decline from the swing high of $74,070 to the low of $61,255.
more losses will occur $BTC?
If Bitcoin fails to rise above the $64,000 resistance zone, a further decline could begin. Immediate support is near the $62,000 level.
The first major support is near the $61,200 level. The next support is currently near the $60,800 zone. Any further losses could send the price towards the $60,200 support in the near term. The current main support is $60,000, below which it is falling. $BTC Recovery may be difficult in the short term.
Technical indicators:
Hourly MACD – The MACD is currently pacing in the bearish zone.
Hourly RSI (Relative Strength Index) – RSI $BTC/USD is currently below the 50 level.
Major support level – $62,000, followed by $61,200.
Key resistance levels – $64,000 and $65,500.
