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Bitcoin price extended its losses and was trading below the $64,500 level. BTC is correcting losses, but the bears are still in control and aiming for more losses.
- Bitcoin remained in a bearish zone and traded below $64,500.
- The price is trading below the $65,500 level and the 100 hourly simple moving average.
- There is a solid trend line forming with resistance at $65,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair remains at risk of further declines below the $64,000 support area.
Bitcoin price falls further
Bitcoin price remained in a bearish zone after settling below a level $66,500 resistance area. BTC extended its losses and traded below the $65,000 level. There was also a decline to below $64,500.
The low was formed at $64,050 and the price is now correcting losses. There was a slight recovery above the $64,500 level. The price rose above the 23.6% Fibonacci retracement level of the downward wave from the high of $67,255 to the low of $64,050.
Bitcoin is now trading at just under $65,500 100 hourly simple moving average. There is also a solid trend line forming with resistance at $65,400 on the hourly chart of the BTC/USD pair.
On the upside, the price is facing resistance near the $65,500 level and the trend line. The first major resistance could be at $65,650 or the 50% Fib retracement level of the downward wave from the high of $67,255 to the low of $64,050. The next major resistance could be $66,000.
A clear move above the $66,000 resistance could lead to a good rally and push the price higher. In the mentioned case, the price may rise and test the $66,500 resistance level. Any further gains could send BTC towards the $67,500 resistance level in the near term.
More losses in BTC?
If Bitcoin fails to rise above the $65,400 resistance area, it could start another decline. Immediate support on the downside is near the $64,800 level.
The first major support is $64,200. The next support is now forming near $64,000. Any further losses could send the price towards the $63,200 support area in the near term.
Technical indicators:
Hourly MACD – The MACD indicator is now losing speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now close to the 50 level.
Key Support Levels – $64,500, followed by $64,000.
Major resistance levels – $65,400 and $66,000.
