Bitcoin price has experienced a significant drop, extending its losses and falling below the $65,000 level. This decline indicates bearish momentum in the market and raises concerns about the future price movement of BTC.
BTC is currently trading below $66,000 and the 100-hourly Simple Moving Average, emphasizing the bearish sentiment. There is a connecting trend line with resistance at $67,500, suggesting that the price might continue to move downward and potentially breach the $64,500 support zone.
Bitcoin price faced challenges in recovering above the $66,500 resistance zone after starting a fresh decline from the $67,256 high. The subsequent drop below $65,000 and $65,500 support levels signaled further downside pressure. The price tested $64,600, indicating a critical support level for BTC.
Despite a minor increase above $65,000, the price is struggling to gain upward momentum. BTC climbed above the 23.6% Fibonacci retracement level but remains below the $66,000 mark and the 100-hourly Simple Moving Average. Moreover, the resistance near $66,000 poses a significant challenge for any potential recovery.
The immediate resistance levels for Bitcoin are near $66,000, $66,250, and $66,500. A clear move above the $66,500 resistance could signal a possible uptrend and push the price higher towards $67,500. Further gains might even lead BTC to test the $68,500 resistance level in the short term.
On the downside, immediate support is seen near the $65,000 level, followed by $64,600 and $64,500. Any additional losses could push the price towards the $63,200 support zone in the near future, highlighting the importance of these key support levels in the current market scenario.
The hourly MACD is gaining momentum in the bearish zone, indicating a potential continuation of the downward trend. Additionally, the hourly RSI for BTC/USD is below the 50 level, reflecting the current bearish sentiment in the market.
The decline of Bitcoin price below $65,000 has raised concerns among investors and traders. The bearish momentum, technical indicators, and key support/resistance levels suggest that BTC might face further downward pressure in the near term. It is essential for market participants to closely monitor the price movements and key levels to assess the potential risks and opportunities in the cryptocurrency market.
