Bitcoin’s Struggle Above $65,000
As a crypto investor, I’ve noticed that Bitcoin‘s price has been having a tough time breaking through the resistance at $65,000. Unfortunately, it seems that BTC is once again on a downtrend and there’s a real possibility that we could see further declines, potentially dropping below the $62,000 mark.
- Bitcoin started another decline after it failed to surpass the $64,000 resistance zone.
The price is trading below $64,500 and the 100 hourly Simple moving average.
There is a key bearish trend line forming with resistance at $63,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could accelerate lower if there is a daily close below the $62,400 support zone.
Bitcoin Price Dives Again
The price of Bitcoin made a new attempt to rise past the $64,000 mark. Yet, it struggled to gather momentum for breaking through the $65,000 resistance level. A peak was reached at $64,301 before the price once again began to slide downward.
The price of Bitcoin dipped below the $63,800 mark, falling beneath the 50% Fibonacci retracement line of its recent upward trend from the $62,408 low to the $64,301 high. Currently, Bitcoin is being traded at prices under $63,200 and below the 100-hour Simple Moving Average.
As an analyst, I’ve noticed an emerging bearish trendline on the hourly chart of BTC/USD pair. This line offers resistance at $63,350. The pair appears to be conveying a bearish inclination as it hovers below the 76.4% Fibonacci retracement level of the upward swing from $62,408 to $64,301.
Near $63,350 and the trendline, there’s strong opposition to further price increase. Initial significant hurdles for advancement may be found around $64,000 or $64,300. Overcoming these resistance levels could potentially push the price upward, with a clear breach above $64,300 as a potential catalyst. The next notable resistance now lies at $65,000.
Should the price break above the significant barrier at $65,000, it may escalate further, potentially reaching $65,500. The upcoming major hurdle lies around $66,200. If Bitcoin continues to advance, it could approach the resistance at $67,500 in the short term.
More Losses In BTC?
Should Bitcoin be unable to surpass the $63,350 mark of resistance, there’s a possibility it may descend further. The nearest point of support lies around the $62,400 region.
Should the price fall significantly below the initial significant support level of $62,000, it may initiate a downward trend towards the next support levels at $61,200 and eventually $60,000.
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 – $62,400, followed by $62,000.
Major Resistance Levels – $63,350, $64,000, and $65,000.
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2024-04-29 06:22