As a seasoned crypto investor with a few years of experience under my belt, I’ve seen the market go through its fair share of ups and downs. The recent Bitcoin price action has been no exception. After a strong rally that saw BTC break above $65,000, the price failed to sustain the momentum and started correcting lower.
As a researcher studying the Bitcoin market, I’ve observed that the price has been unable to surpass the $65,500 resistance point. Currently, Bitcoin is trending downward. Notably, some bearish indicators have emerged below the $63,500 mark.
- Bitcoin started a fresh downside correction and traded below $63,500.
The price is trading below $63,350 and the 100 hourly Simple moving average.
There was a break below a major bullish trend line with support at $63,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could extend losses and revisit the $60,000 support zone in the near term.
Bitcoin Price Rejects $65,500
The price of Bitcoin surpassed $64,500, marking an extension of its growth. Yet, it faced challenges in breaking through the resistance at $65,500. A new peak was reached at $65,550, and currently, Bitcoin’s value is retreating from these gains.
The price dipped beneath the $64,000 mark and dropped below the 23.6% Fibonacci retracement line, which is a key level in the bullish trend that took the BTC/USD pair from $56,380 to $65,550 on the hourly chart. Additionally, there was a significant break below a robust trendline providing support at $63,700.
Currently, Bitcoin is hovering around the price mark of $63,500 and beneath the 100-hour Simple Moving Average. The immediate barrier to surmount lies at $63,350. The initial significant resistance might be encountered at $64,000, while the next notable resistance level is anticipated at $65,000.
The primary obstacle for further growth is currently at $65,500. Breaking through this barrier and reaching above $65,500 may lead to a surge in price. The upcoming resistance lies at $66,650. If we observe a closing price above the $66,650 resistance level, it could be a sign for further upward movement. In such a scenario, the price might advance towards $68,000.
More Losses In BTC?
As a market analyst, I would interpret this situation as follows: If Bitcoin doesn’t manage to break through the resistance at $63,500, there’s a strong possibility that its price could continue to decrease. Should this occur, the nearest support level lies around $62,000.
One potential rephrasing: The initial significant resistance lies at $61,000, which is the 50% Fibonacci retracement mark of the price rally from $56,380 to $65,550. Should the price close below this level, it could initiate a downtrend towards $60,000. Further declines might push the price downward toward the near-term support area around $58,000.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $62,000, followed by $60,000.
Major Resistance Levels – $63,500, $64,000, and $65,500.
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2024-05-08 06:40