Bitcoin price faced a major resistance at $65,500 and failed to recover above it. This failure has caused the price to move lower once again, with the risk of further downsides below $63,000 looming. The price is currently trading below $64,500 and the 100 hourly Simple moving average. A connecting bearish trend line is forming with resistance at $64,500 on the hourly chart of the BTC/USD pair. If there is a daily close below the $63,000 support zone, the pair could accelerate even lower.
Bitcoin had initially started a recovery wave from the $62,750 support zone. It managed to climb above the $64,000 and $64,500 resistance levels. However, the price was unable to clear the crucial $65,500 resistance zone, resulting in a high at $65,300 and another decline. The price fell below $64,500 and tested the 50% Fib retracement level of the recovery wave. Currently, Bitcoin is trading below $64,500 and the 100 hourly Simple moving average.
If Bitcoin manages to break above the $66,200 resistance zone, the price could continue its upward movement towards $67,000 and potentially to $67,400. However, failing to rise above the $64,500 resistance zone could lead the price to move down. Immediate support on the downside is near $64,000, followed by $63,750. A close below $63,750 could trigger a drop towards $62,750 and even $61,200 in the near term.
The hourly MACD is currently gaining pace in the bearish zone, indicating a potential continuation of the downward movement. The hourly RSI for BTC/USD is also below the 50 level, suggesting a bearish sentiment in the market. Major support levels for Bitcoin are at $64,000 and $63,750, while major resistance levels include $64,500, $65,350, and $66,200.
It is important to note that the information provided in this analysis is for educational purposes only. It does not reflect the opinions of any specific entity and should not be taken as financial advice. Investing in cryptocurrencies, like Bitcoin, carries inherent risks, and individuals are advised to conduct their own research before making any investment decisions. Any investments made based on the information provided here are done so at the individual’s own risk. Utilize this information wisely and cautiously in your financial endeavors.
