Bitcoin Price Dips Again: BTC Bears Tighten Grip

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As an experienced financial analyst, I have closely monitored Bitcoin’s price movements for quite some time. Based on the current market trends and technical analysis of the given data, it appears that Bitcoin has once again faced rejection at the $66,500 resistance level. This comes after a brief recovery above this mark, following a sharp decline below the $65,500 support zone.

The price of Bitcoin struggled to surpass the $66,500 barrier for advancement. Now, it’s trending downward once more, potentially dipping beneath the $64,600 support level.

    Bitcoin started a fresh decline from the $66,500 resistance level.
    The price is trading below $65,500 and the 100 hourly Simple moving average.
    There was a break below a connecting bullish trend line with support at $65,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    The pair could extend losses if there is a clear move below the $64,600 and $64,200 support levels.

Bitcoin Price Faces Rejection

The price of Bitcoin rebounded above the $65,000 mark, reaching past key resistance levels at $65,500 and $66,200. Yet, bears made their presence felt around the $66,500 threshold. A new peak was formed at $66,444 before another downturn ensued.

The price dropped beneath the $65,500 and $65,400 resistance points, dipping below the 50% Fibonacci retracement level of the rally from $64,050 to $66,444. Additionally, there was a breach of a bullish trend line providing support at $65,250 on the hourly chart for Bitcoin against the US dollar.

The cost touched the $64,600 mark, which served as a significant support area and the 76.4% mark of the price recovery from the previous low at $64,050 to the high at $66,444.

Currently, Bitcoin’s price hovers around the $65,500 mark and beneath the 100-hour Simple Moving Average. Should there be another price surge, it may encounter resistance at approximately $65,250. The initial significant resistance lies at $65,500, while the next notable resistance level can be found around $66,000.

If we manage to break above the $66,000 barrier with ease, the price of Bitcoin is likely to continue climbing steadily and potentially reach the next resistance at $66,500. Should the price surmount this hurdle as well, further gains could propel Bitcoin towards the $67,500 resistance in the short term.

More Downsides In BTC?

As a researcher studying the Bitcoin market, if the cryptocurrency struggles to surpass the $65,250 resistance point, it may instead head in the opposite direction. A notable support level lies around $64,600.

The price has found significant resistance at the level of $64,200 for the first time. A new potential support is emerging around $64,000. If the price continues to decline, it may head towards the support area 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 – $64,600, followed by $64,000.

Major Resistance Levels – $65,250, and $66,500.

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2024-06-21 06:22