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Bitcoin price has struggled to stabilize above the $65,000 zone. BTC is falling again and there is further downside risk below $62,000.
- Bitcoin started a fresh decline after failing to move above the $64,000 resistance zone.
- The price is trading below $64,500 and the 100 hourly simple moving average.
- A key downtrend line forms with resistance at $63,350 on the hourly chart of the BTC/USD pair (Kraken data feed).
- The pair could accelerate lower if there is a daily close below the $62,400 support zone.
Bitcoin price plunges again
Bitcoin price attempted a further increase above the $64,000 zone. However, BTC failed to accelerate past the $65,000 resistance zone. A high was formed at $64,301 and the price began a further decline.
There was a move below the $63,800 level. The price fell below the 50% Fibonacci retracement level of the upward move from the $62,408 low to $64,301 high. Bitcoin is now trading below $63,200 and the 100 hourly simple moving average.
There is also a key downtrend line forming with resistance at $63,350 on the hourly chart of the BTC/USD pair. The pair signals a bearish bias below the 76.4% Fibonacci retracement level of the upward move from the $62,408 low to $64,301 high.
Immediate resistance is near the $63,350 level or the trendline. The first major resistance could be $64,000 or $64,300. A sharp move above the $64,300 resistance could send the price higher. The next resistance now lies at $65,000.
Source: BTCUSD on TradingView.com
If there is a clear move above the $65,000 resistance zone, the price could continue to rise. In the case mentioned, the price could reach $65,500. The next major resistance lies near the $66,200 area. Any further gains could send Bitcoin towards the $67,500 resistance zone in the near term.
More losses in BTC?
If Bitcoin fails to rise above the $63,350 resistance zone, it could continue to decline. Immediate downside support is near the $62,400 level.
The first major support is $62,000. If the close is below $62,000, the price could start to decline towards $61,200. Any further losses could send the price towards the $60,000 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now accelerating into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – $62,400, followed by $62,000.
Major resistance levels – $63,350, $64,000 and $65,000.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold investments and, naturally, investing involves risks. You are advised to carry out your own research before making any investment decision. Use the information provided on this website entirely at your own risk.
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