Bitcoin Price Consolidates Losses But Recovery Could Face Hurdles

The price of Bitcoin dipped beneath the $65,000 mark, acting as a support, and is currently holding steady in this downturn. There’s a strong possibility that Bitcoin may try to rebound, potentially reaching $67,000 once again.

    Bitcoin price declined further below the $65,500 and $65,000 levels.
    The price is trading below $67,500 and the 100 hourly Simple moving average.
    There is a key bearish trend line forming with resistance near $67,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    The pair could recover but the bears might remain active near $67,000.

Bitcoin Price Drops Further

The price of Bitcoin shifted from green to red after it dropped below the $68,000 mark, which served as its support. Subsequently, BTC continued to slide and dipped beneath both $65,500 and $65,000. Eventually, it reached the $64,500 area for a test.

Near $64,572, a low point was reached and the price is currently stabilizing after incurring losses. The value surged above the $65,000 threshold at one point. Additionally, the price touched the 23.6% Fibonacci retracement mark during the downward trend from the peak of $71,306 to the low of $64,572.

The price of Bitcoin currently hovers around $67,000 and falls below its 100-hour moving average. Additionally, a significant bearish trendline is emerging on the hourly chart of Bitcoin vs US Dollar, with resistance close to $67,200.

Near the $66,000 mark, the price may encounter immediate resistance. The initial significant hurdles for the price could be around $67,200 and the trendline. Should there be a clear break above $67,200, the price might initiate a new upward trend. In this scenario, the price might advance toward the 50% Fibonacci retracement level of the decline from the peak of $71,306 to the low of $64,572, which is situated at approximately $67,950.

Bitcoin Price Consolidates Losses But Recovery Could Face Hurdles

In simpler terms, Bitcoin could encounter significant opposition around the $68,500 mark in its upcoming advance. Surpassing this level could potentially push Bitcoin closer to the $70,000 resistance point in the short run.

More Losses In BTC?

If Bitcoin doesn’t manage to break through the $67,200 barrier, it may instead head lower. The price has a cushion at around $65,200 should it start to fall.

Supporting prices, the initial significant one is at $64,500. The second one is situated at $64,000. Should the price fall below $64,000, it may initiate a downward trend towards the nearby support of $62,500. Further declines could potentially push the price towards the $60,500 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 – $65,200, followed by $64,500.

Major Resistance Levels – $66,000, $67,200, and $67,950.

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2024-04-03 06:04