Blog

Bitcoin worth prolonged its decline beneath the $65,000 assist zone. BTC is now consolidating losses and would possibly try a restoration wave towards $67,000.

• Bitcoin worth declined additional beneath the $65,500 and $65,000 ranges.
• The worth is buying and selling beneath $67,500 and the 100 hourly Simple transferring common.
• There is a key bearish development line forming with resistance close to $67,200 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair might get better however the bears would possibly stay lively close to $67,000.

Bitcoin Price Drops Further

Bitcoin worth turned pink after it broke the $68,000 support zone. BTC prolonged its decline beneath the $65,500 and $65,000 ranges. Finally, it examined the $64,500 area.

A low was shaped close to $64,572 and the value is now consolidating losses. There was a transfer above the $65,000 stage. The worth even examined the 23.6% Fib retracement stage of the downward transfer from the $71,306 swing excessive to the $64,572 low.

Bitcoin is now buying and selling beneath $67,000 and the 100 hourly Simple moving average. There can also be a key bearish development line forming with resistance close to $67,200 on the hourly chart of the BTC/USD.

Immediate resistance is close to the $66,000 stage. The first main resistance could possibly be $67,200 and the development line. If there’s a clear transfer above the $67,200 resistance zone, the value might begin a recent improve. In the acknowledged case, the value might rise towards the 50% Fib retracement stage of the downward transfer from the $71,306 swing excessive to the $64,572 low at $67,950.

Source: BTCUSD on TradingView.com

The subsequent main resistance is close to the $68,500 zone. Any extra beneficial properties would possibly ship Bitcoin towards the $70,000 resistance zone within the close to time period.

More Losses In BTC?

If Bitcoin fails to rise above the $67,200 resistance zone, it might proceed to maneuver down. Immediate assist on the draw back is close to the $65,200 stage.

The first main assist is $64,500. The subsequent assist sits at $64,000. If there’s a shut beneath $64,000, the value might begin a drop towards the $62,500 stage. Any extra losses would possibly ship the value towards the $60,500 assist zone within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now dropping tempo within the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now beneath the 50 stage.

Major Support Levels – $65,200, adopted by $64,500.

Major Resistance Levels – $66,000, $67,200, and $67,950.

Disclaimer: The article is offered for instructional functions solely. It doesn’t symbolize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You are suggested to conduct your individual analysis earlier than making any funding choices. Use info offered on this web site completely at your individual threat.