The price of Bitcoin dipped once again, this time starting at around $67,000. The cryptocurrency is exhibiting bearish trends and could potentially drop down to the $61,000 mark as its support level.
- Bitcoin failed to clear the $67,000 resistance zone.
The price is trading below $65,000 and the 100 hourly Simple moving average.
There was a break below a rising channel with support at $64,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could extend its decline unless it clears the $65,000 resistance zone.
Bitcoin Price Recovery Stalls
The price of Bitcoin made an effort to bounce back and surpassed the $65,000 barrier. It even went beyond $66,200, but resistance was met at around $67,000, where sellers became more prominent.
At a peak of $66,898, a new downtrend emerged as Israel-Iran tensions heightened, causing the price to drop below the $65,000 and $64,000 thresholds. The trading activity pushed the price downward, dipping beneath the 50% Fibonacci retracement mark of the prior uptrend from $60,495 to $66,898.
On the hourly chart of BTC/USD pair, the support for Bitcoin dipped below the ascending trendline, now at approximately $64,900. Currently, Bitcoin is trading beneath $65,000 and falls short of the 100-hour Simple Moving Average. The bulls are making efforts to safeguard the key resistance level, which is the 61.8% Fibonacci retracement point at around $63,000, following the price drop from $60,495 swing low to $66,898 peak.
Immediate resistance is near the $63,750 level. The first major resistance could be $64,700. The next resistance now sits at $65,000. If there is a clear move above the $65,000 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $66,800 and the 100 hourly Simple moving average.
In simpler terms, Bitcoin could encounter significant opposition around the $67,200 mark in its price increase. Reaching higher levels might push it closer to the $70,000 resistance level in the short term.
More Losses In BTC?
If Bitcoin doesn’t manage to break through the $65,000 barrier, there’s a risk it may slide downward once more. The nearest support for Bitcoin lies around the $63,000 mark.
Should the price fail to hold above $62,000 for a significant period, we could see it sliding downward towards $61,000. Further declines might 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 – $63,000, followed by $62,000.
Major Resistance Levels – $64,700, $65,000, and $67,000.
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2024-04-16 06:22