As a seasoned researcher with years of experience tracking Bitcoin’s price movements, I find myself constantly intrigued by this digital gold’s volatility. The latest dip to retest the $65,500 support zone is no exception – it’s like watching a rollercoaster in action!
Bitcoin‘s price continued to drop and approached the $65,500 support level. If Bitcoin manages to surpass $66,500, it could potentially rise again.
- Bitcoin tested the $65,500 level and is attempting a recovery wave.
The price is trading below $68,000 and the 100 hourly Simple moving average.
There is a connecting bearish trend line forming with resistance at $66,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might start a fresh increase if it clears the $66,500 resistance zone.
Bitcoin Price Revisits Support
The value of Bitcoin continued to drop, dipping beneath the $66,500 safety net. In fact, it even momentarily fell below $66,000 and $65,500. A new low was established at approximately $65,337, and currently, Bitcoin’s price is stabilizing as it recovers from its losses.
The bitcoin price surpassed the $66,000 milestone and touched the 23.6% Fibonacci retracement mark following its decline from the peak of $69,985 to a low of $65,337. Yet, it’s facing challenges in breaking through the resistance at $66,500. Additionally, an ascending bearish trendline is emerging on the hourly Bitcoin-to-USD chart with a resistance at approximately $66,400.
Currently, Bitcoin’s trading value is under $68,000 and falls below its 100-hour Simple Moving Average. Potential upward movement might encounter resistance at approximately $66,400. The primary initial resistance lies around the $66,500 mark.
Moving beyond the $66,500 barrier could potentially propel the price even higher in the upcoming periods. The next significant resistance might be found at either the $67,650 mark or the 50% Fibonacci retracement level following the downward swing from the peak of $69,985 to the trough of $65,337.
Overcoming the obstacle at $68,200 could potentially trigger bullish actions. If we surpass this resistance level, there’s a chance that the price will increase further, aiming to challenge the resistance at $70,000.
Another Decline In BTC?
If Bitcoin doesn’t manage to break through the barrier at $66,500, there’s a possibility it might slide again. The lowest point of potential stability lies around the $66,000 mark.
In simpler terms, initially, the significant backing for the price stands at around $65,350. Currently, the backup is moving closer to approximately $65,000. If there are further drops, the cost might trend towards the $63,500 support area in the short term.
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 – $66,000, followed by $65,350.
Major Resistance Levels – $66,500, and $67,650.
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2024-07-31 05:46