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Bitcoin price is still struggling below the $65,000 resistance zone. BTC must stay above the $60,000 support zone to avoid a major decline.
- Bitcoin is still struggling to gain pace for a move above the $65,000 resistance zone.
- The price is trading below $63,000 and the 100 hourly Simple moving average.
- There is a key bearish trend line forming with resistance at $62,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if it clears the $63,000 resistance zone.
Bitcoin Price Remains At Risk
Bitcoin price failed to clear the $64,500 resistance zone. BTC formed a short-term top at $64,450 and started another decline. There was a move below the $63,000 and $62,000 levels.
The price even spiked below the $60,000 level. A low was formed near $59,700 and the price is now attempting a fresh recovery wave. The price climbed above the 23.6% Fib retracement level of the recent decline from the $64,444 swing high to the $59,700 low.
Bitcoin price is trading below $63,000 and the 100 hourly Simple moving average. Immediate resistance is near the $62,000 level. It is close to the 50% Fib retracement level of the recent decline from the $64,444 swing high to the $59,700 low.
The first major resistance could be $62,650 and the trend line. The next resistance now sits at $63,000. If there is a clear move above the $63,000 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $64,500.
Source: BTCUSD on TradingView.com
The next major resistance is near the $65,000 zone. Any more gains might send Bitcoin toward the $66,500 resistance zone in the near term.
More Losses In BTC?
If Bitcoin fails to rise above the $63,000 resistance zone, it could start another decline. Immediate support on the downside is near the $60,800 level.
The first major support is $60,000. If there is a close below $60,000, the price could start to drop toward the $59,200 level. Any more losses might send the price toward the $58,500 support zone in the near 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 – $60,800, followed by $60,000.
Major Resistance Levels – $62,650, $63,000, and $64,500.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
