As a seasoned crypto investor with years of experience in the market, I’ve seen my fair share of price fluctuations in Bitcoin (BTC). The latest decline below $66,500 is a concerning sign for me, as it marks a continuation of the bearish trend we’ve seen over the past few days.
The price of Bitcoin has once again dipped below the $66,500 mark, signaling a renewed downtrend. With increasing bearish pressure, it’s possible that Bitcoin could test the $63,200 support level again.
- Bitcoin started a fresh decline from the $68,500 resistance zone.
The price is trading below $65,500 and the 100 hourly Simple moving average.
There was a break below a key bullish trend line with support at $66,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might extend losses and trade toward the $63,200 support zone.
Bitcoin Price Gains Bearish Momentum
The price of Bitcoin struggled to maintain its position above the $66,500 mark as support. As a result, BTC initiated another drop and fell below the $66,000 support threshold. Furthermore, this decline led Bitcoin to move beneath the 50% Fibonacci retracement level of its upward trend from the $63,225 trough to the $68,313 peak.
additionally, the BTC/USD pair dipped beneath a significant bullish trendline, which previously provided support at $66,000 on the hourly chart. Currently, the pair is gaining momentum and moving lower, having breached the $65,000 mark.
The current Bitcoin price hovers around $66,000 and falls below key moving averages and important Fibonacci levels. Specifically, it’s below the 100-hour Simple Moving Average and the 76.4% retracement level of the rally from $63,225 to $68,313. If Bitcoin recovers, it might encounter resistance around $65,200.
The initial significant resistance lies around $65,500. A decisive break above this resistance may lead to additional gains in the upcoming trading periods. The subsequent resistance level is at $66,200. Beyond that, a major obstacle emerges at $66,800 and the 100-hour Simple Moving Average. Overcoming this resistance could propel the price further upwards. In such a scenario, the price may advance to challenge the $68,000 resistance.
More Losses In BTC?
As a crypto investor, if Bitcoin doesn’t manage to break past the $65,500 resistance point, there’s a chance it may keep declining. The good news is that there’s support waiting for us around the $64,000 mark if things go south.
In simpler terms, the Bitcoin price has a strong foundation at $63,200. The price may currently be testing support around $62,500. If the value continues to drop, it could potentially head towards the $61,500 support level 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 – $64,000, followed by $63,200.
Major Resistance Levels – $65,500, and $66,800.
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2024-07-25 05:28