As a seasoned crypto investor with several years of experience in the market, I’ve seen my fair share of price fluctuations in Bitcoin. The recent decline in BTC price below the $65,000 level is concerning, especially since it’s showing bearish signs that might extend losses below the $64,600 level.
The price of Bitcoin continued to decline, dropping beneath the $65,000 mark. Currently, Bitcoin exhibits bearish tendencies and may push further down, potentially reaching below $64,600.
- Bitcoin remained in a bearish zone and traded below $65,000.
The price is trading below $66,000 and the 100 hourly Simple moving average.
There is a connecting trend line forming with resistance at $67,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to move down and even trade below the $64,500 support zone.
Bitcoin Price Extends Its Decline
The price of Bitcoin had a hard time surpassing the $66,500 mark as resistance, staying in a negative trend. After reaching a peak at $67,256, BTC experienced a downward slide that dropped it below the $66,500 threshold.
As an analyst, I observed a noticeable downtrend below the $65,500 and $65,000 support levels. The price eventually reached a new low at $64,611 after testing the $64,600 mark. Currently, the market is consolidating losses as the price hovers around this level. There was a slight uptick above the $65,000 resistance, pushing the price above the 23.6% Fibonacci retracement level of the downward swing from the $67,256 peak to the $64,611 trough.
As a researcher studying the Bitcoin market, I’ve noticed that the cryptocurrency is currently trading below both the $66,000 mark and the 100-hour Simple Moving Average (SMA) on the hourly chart of the BTC/USD pair. Additionally, there appears to be a developing trend line connecting these points, which serves as a resistance level at $67,500 for Bitcoin.
The price is encountering some obstacles as it attempts to rise, with potential resistance lying around the $66,000 mark or the 50% Fibonacci retracement point of the recent price drop from $67,256 to $64,611. The initial significant resistance may be found at $66,250, while $66,500 represents the next notable barrier.
As a researcher studying Bitcoin’s price movements, I would interpret a clear break above the $66,500 resistance as a potential catalyst for further growth. In such a scenario, the price could continue to climb and encounter the next resistance at $67,500. If Bitcoin manages to surmount this hurdle, it may push higher towards the near-term resistance of $68,500.
More Losses In BTC?
If Bitcoin is unable to surpass the $66,000 barrier, it may head in a descending direction instead. The nearest support can be found around the $65,000 mark.
In simple terms, the price found its initial significant resistance at $64,600. Subsequently, a new potential support is emerging close to $64,500. If the downward trend continues, the price may head towards the nearby support level of $63,200 in the short term.
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 – $65,000, followed by $64,500.
Major Resistance Levels – $66,000, and $66,500.
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2024-06-18 06:04