As an experienced analyst, I have closely watched Bitcoin’s price action over the past few days. After a strong rally to reach the $65,500 resistance zone, BTC failed to sustain its upward momentum. The repeated failure to break above this level indicates that the market is facing significant resistance at this point.
The price of Bitcoin didn’t manage to surge past the $65,500 barrier for recovery. Now, it appears Bitcoin is descending once more, raising concerns about potential further declines beneath the $63,000 mark.
- Bitcoin started another decline after it failed to surpass the $65,500 resistance zone.
The price is trading below $64,500 and the 100 hourly Simple moving average.
There is a connecting bearish trend line forming with resistance at $64,500 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 $63,000 support zone.
Bitcoin Price Faces Hurdles
Bitcoin’s price bounced back from its support at around $62,750. It managed to surpass the hurdles at $64,000 and $64,500. Yet, despite efforts, it couldn’t break through the resistance at $65,500.
At a peak of $65,300, a new downturn initiated, causing the price to drop below the $64,500 mark. The market took a dip and approached the 50% Fibonacci retracement point in the recovery wave that spanned from the swing low at $62,743 to the high of $65,300.
Currently, Bitcoin is priced under the $64,500 mark and the 100-hour Simple Moving Average (SMA). Moreover, a bearish trend line is emerging on the hourly chart for the BTC/USD pair, with resistance set at $64,500.
Near $64,500 and the trendline, the price encounters strong initial resistance. The first notable resistance levels are found at $65,350 and $65,500. Breaking above $65,500 could lead to further price growth. Currently, the next resistance lies at $66,200.
Should the price break above the notable barrier at $66,200, it’s likely that Bitcoin will continue climbing. In this scenario, the cryptocurrency may advance towards the next resistance level at around $67,000. Beyond this point, significant resistance can be found near the $67,400 mark. Further gains could potentially push Bitcoin towards the $68,800 resistance in the short term.
More Losses In BTC?
As a market analyst, I would observe that if Bitcoin is unable to surpass the $64,500 resistance point, there’s a strong possibility for its price to trend lower. A notable support level can be found around $64,000 in case of such a development.
I’ve noticed that the first significant support level lies at $63,750, which represents a 61.8% Fibonacci retracement of the recovery wave from the $62,743 swing low to the $65,300 high. Should the price close below this level, it may initiate a downward trend towards the nearby support at $62,750. Further losses could potentially push the price towards the support zone of $61,200 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 – $64,000, followed by $63,750.
Major Resistance Levels – $64,500, $65,350, and $66,200.
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2024-04-26 04:34