The price of bitcoin recovered from the resistance level of $66,000. Bitcoin fell underneath $64,000 and may see short-term misfortunes increase.
- Bitcoin’s price has dropped from $66,000 to new lows.
- The cost is exchanging underneath $64,500 and the 100-hour basic moving average.
- The hourly chart of the BTC/USD pair showed a breach below a crucial bullish trend line, with support at $64,500.
- If the pair falls below the $62,500 support zone, the bearish momentum may increase.
Bitcoin Price Drop Once More: Can Bulls Handle Further Losses?
The bitcoin cost fizzled to break through the $65,500 and $66,000 resistance levels. Bitcoin started a downtrend and fell below the $65,000 mark.
The hourly chart of the BTC/USD pair saw a break below a crucial bullish trend line, with support at $64,500. The bears pushed below $64,000 the price. A low of $63,225 has been recorded, and losses are consolidated.
It is attempting to retrace the previous decline from the $66,026 high to the $63,225 low at the 23.6% Fib level. At the minute, the cost of bitcoin is exchanging underneath $64,500 as well as the 100-hourly basic moving average. In the casely of a new bullish trend, the price might face resistance near $64,000.
The first important resistance point is around $64,650. It is close the 50% Fibonacci retracement level of the most recent slide from the swing tall of $66,026 to the moo of $63,225. A clear rise above the $64,650 resistance level may cause further increases in the following sessions.
The potential next major hurdle is $65,500. The next important hurdle is $66,000. The price may rise further if the market closes above the $66,000 resistance level. In the described scenario, the price could rise and test the $67,200 resistance level.
More losses in BTC?
Bitcoin could continue to decline if it cannot rise above the $64,650 barrier. Substantial downside support is near $63,250.
The initial big sponsorship is $63,000. The next support is currently at $62,500. If the cost proceeds to drop, it may before long reach the $60,500 bolster area.
Technical Indicators:
Hourly MACD: The MACD is now speeding up in the bearish zone.
Hourly RSI (Relative Strength Index): The RSI for Bitcoin/USD is presently underneath 50.
Key Support Levels: $63,225, followed by $63,000.
Strong resistance levels: $64,650 and $65,500.
