As Bitcoin price continues to decline, investors are growing anxious about the future of their investments. The price has extended its decline below the $65,000 support and is now struggling to stay above the $62,000 support zone. This downward trend has caused concern among traders and investors who are now closely monitoring the market.
Bitcoin price is currently trading below $63,500 and the 100 hourly Simple Moving Average. There is a connecting bearish trend line forming with resistance at $63,300 on the hourly chart of the BTC/USD pair. The immediate resistance is near the $63,300 level, with the first major resistance at $64,000. If the price manages to clear this resistance zone, it could attempt a move toward the $65,200 resistance zone.
However, if Bitcoin fails to rise above the $63,300 resistance zone, it could continue to move down. The immediate support on the downside is near the $62,000 level, with the first major support at $61,500. If the price drops below $60,500, it might head towards the $60,000 level, with the next support sitting at $58,800 in the near term.
The hourly MACD is gaining pace in the bearish zone, indicating a downward trend in the market. The hourly RSI for BTC/USD is now below the 50 level, suggesting that selling pressure is increasing. With major support levels at $61,500 and $60,000, and major resistance levels at $63,300, $64,000, and $65,200, traders and investors must closely monitor the market for potential opportunities and risks.
The decline in Bitcoin price has created uncertainty in the market. Traders and investors must closely monitor the technical indicators and support/resistance levels to make informed decisions. It is crucial to conduct thorough research and analysis before making any investment decisions, as investing in cryptocurrencies carries inherent risks. As the market continues to fluctuate, it is essential for investors to stay informed and adapt to the changing conditions to navigate through these challenging times.
