Bitcoin worth prolonged its decline under the $65,000 assist. BTC is now struggling to remain above the $62,000 assist zone and would possibly check $60,000.
- Bitcoin worth is shifting decrease under the $64,000 assist zone.
- The worth is buying and selling under $63,500 and the 100 hourly Simple shifting common.
- There is a connecting bearish development line forming with resistance at $63,300 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may begin an honest upward transfer if it clears the $65,200 resistance zone within the close to time period.
Bitcoin Price Grinds Lower
Bitcoin worth remained in a short-term bearish zone under the $66,500 zone. BTC traded under the $65,000 and $64,000 assist ranges to set a brand new weekly low.
There was a push under the $62,500 assist. A low was fashioned close to $61,537 and the worth is now consolidating losses. The worth is now struggling under the 23.6% Fib retracement stage of the current decline from the $68,898 swing excessive to the $61,537 low.
Bitcoin is now buying and selling under $63,500 and the 100 hourly Simple moving average. Immediate resistance is close to the $63,300 stage. There can also be a connecting bearish development line forming with resistance at $63,300 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
The first main resistance could possibly be $64,000. If there’s a clear transfer above the $64,000 resistance zone, the worth may even try a transfer towards the $65,200 resistance zone. It is near the 50% Fib retracement stage of the current decline from the $68,898 swing excessive to the $61,537 low. Any extra features would possibly ship the worth towards the $67,000 stage.
More Losses In BTC?
If Bitcoin fails to rise above the $63,300 resistance zone, it may proceed to maneuver down. Immediate assist on the draw back is close to the $62,000 stage.
The first main assist is $61,500. The subsequent assist sits at $60,500. If there’s a shut under $60,500, the worth may begin a drop towards the $60,000 stage. Any extra losses would possibly ship the worth towards the $58,800 assist zone within the close to time period.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now under the 50 stage.
Major Support Levels – $61,500, adopted by $60,000.
Major Resistance Levels – $63,300, $64,000, and $65,200.
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