The price of Bitcoin was unable to surpass the $67,000 mark for resistance. As a result, Bitcoin’s gains were pared back, and it’s currently having a hard time staying above the $63,650 support level.
- Bitcoin started another decline after it failed to surpass the $67,200 resistance zone.
The price is trading below $65,000 and the 100 hourly Simple moving average.
There was a break below a key bullish trend line with support at $66,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could correct higher, but the bears might remain active near the $65,500 zone.
Bitcoin Price Dips Again
The price of Bitcoin had a hard time surpassing the barriers at $67,000 and $67,200. Bitcoin then shaped a brief peak formation and initiated a downward trend falling beneath the $66,000 mark.
In simpler terms, the Bitcoin price fell beneath the $65,500 support level and broke through a significant bullish trend line with a key support at $66,200 on the hourly chart. The price dipped as low as $63,583 before consolidating, indicating potential losses.
The price of Bitcoin is currently lower than $65,500 and its 100-hour moving average. The next resistance point can be found around $64,500 or at the 23.6% mark of the recent price drop from the peak of $67,195 to the trough of $63,583.
An initial significant barrier to advancement may appear at $65,350, which is equivalent to the 50% Fibonacci retracement mark in the descent from the peak of $67,195 to the trough of $63,583. Overcoming this hurdle could potentially push the price upward. Alternatively, a new resistance emerges at $65,850. Surmounting this resistance level might lead to further gains, possibly targeting $67,000.
In simpler terms, Bitcoin could encounter significant opposition around the $67,200 mark in its upcoming progression. If it continues to rise, it may push further towards the $68,800 resistance level in the short term.
More Losses In BTC?
If Bitcoin doesn’t manage to surpass the $65,350 barrier, it may keep decreasing instead. The closest support can be found around $63,500.
If the price reaches $62,600 for the first significant level of support, a dip below this point may trigger further declines towards $61,200. Continued losses could potentially push the price down to the nearby support area around $60,000.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $63,500, followed by $62,600.
Major Resistance Levels – $65,350, $65,850, and $67,000.
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2024-04-25 06:22