Bitcoin price has taken a hit and extended its losses, dropping below the $64,500 level. This downward movement indicates a correction in losses, however, the bears are still in control and are aiming for further losses.
Bearish Zone and Resistance
Bitcoin has remained in a bearish zone, trading below $64,500 and even dropping below $65,500 and the 100 hourly Simple moving average. A connecting trend line with resistance at $65,400 is forming on the hourly chart of the BTC/USD pair. The pair remains at risk of more downsides below the $64,000 support zone.
Bitcoin’s price trajectory has seen a continuation of losses after settling below the $66,500 resistance zone. The cryptocurrency extended its losses, dropping below $65,000 and even hitting a low of $64,050. Following this, the price is now in a phase of correcting losses with a minor recovery above the $64,500 level.
On the upside, the price is facing resistance near the $65,500 level and the trend line at $65,400. Further resistance levels include $65,650, $66,000, $66,500, and $67,500. A clear move above the $66,000 resistance could signal a potential increase in the price. On the downside, immediate support is near $64,800 with major support levels at $64,200 and $64,000. Any further losses might push the price toward the $63,200 support zone.
The technical indicators for Bitcoin are as follows:
– Hourly MACD: The MACD is currently losing pace in the bearish zone.
– Hourly RSI (Relative Strength Index): The RSI for BTC/USD is hovering near the 50 level.
Bitcoin’s price movement shows a bearish trend with resistance levels at $65,400 and $66,000. Support levels are at $64,500, $64,000, and $63,200. Traders and investors should closely monitor these levels to gauge the future movement of Bitcoin’s price in the market.
