Bitcoin’s attempt to surpass the $65,500 resistance has hit a snag, leading to a downward trend with several indicators pointing towards a bearish outlook under the $63,500 threshold.
Initially showing promise, Bitcoin underwent a corrective downturn, slipping beneath $63,500 and the 100-hourly Simple Moving Average. Notably, a significant bullish trend line at $63,700 was breached on the BTC/USD hourly chart from Kraken’s data feed, signaling potential for further losses, possibly revisiting the $60,000 support area in the short term.
Bitcoin’s price climb above $64,500 encountered resistance near $65,500, culminating in a peak at $65,550 before corrective movements ensued. The subsequent dip saw the price slide below $64,000, breaching the 23.6% Fibonacci retracement level from its recent surge. Additionally, the breakdown shattered a key bullish trend line, indicating a challenging path ahead.
Presently, Bitcoin finds itself trading below $63,500 and its 100-hourly Simple Moving Average, with immediate resistance anticipated near $63,350 and subsequent hurdles at $64,000 and $65,000. However, the primary obstacle remains at $65,500, a breakthrough of which could fuel further upward momentum, possibly targeting $66,650 and even $68,000.
Should Bitcoin falter to surpass the $63,500 resistance, a continuation of the downward trajectory seems likely, with initial support lying around $62,000. Deeper losses could test the $61,000 mark, followed by a potential descent towards $60,000, with further downside pressure possibly pushing towards the $58,000 support zone.
Technical analysis reveals the hourly MACD gaining momentum in the bearish territory, while the Relative Strength Index (RSI) for BTC/USD has dipped below the 50 level.
Key Support Levels: $62,000, $60,000
Key Resistance Levels: $63,500, $64,000, $65,500
