Bitcoin’s price continues its downward trend, recently dipping below the $64,500 mark. Despite some attempts at recovery, the bears seem firmly in control, suggesting the potential for further declines.
Key Highlights
- Bitcoin remains in a bearish zone, trading below $64,500.
- The price is currently under the $65,500 threshold and the 100-hour simple moving average (SMA).
- A trend line with resistance at $65,400 is forming on the hourly BTC/USD chart (data from Kraken).
- The pair faces risks of further declines below the $64,000 support level.
Bitcoin Price Dips Further
After settling below the $66,500 resistance zone, Bitcoin has extended its losses, trading below $65,000 and dipping even further to below $64,500. A low point was reached at $64,050, followed by a minor recovery as the price climbed back above $64,500. It also moved above the 23.6% Fibonacci retracement level of the downward wave from the $67,255 swing high to the $64,050 low.
Currently, Bitcoin is trading below $65,500 and the 100-hour SMA. Additionally, a connecting trend line with resistance at $65,400 is evident on the hourly BTC/USD chart.
Resistance Levels and Potential Upside
On the upside, Bitcoin faces resistance near the $65,500 level and the trend line. The first major resistance is around $65,650, which aligns with the 50% Fibonacci retracement level of the recent decline from $67,255 to $64,050. The next key resistance could be around $66,000. A clear move above this resistance might trigger a decent increase, potentially driving the price to test the $66,500 level. Further gains could push BTC towards the $67,500 resistance in the short term.
Risk of Further Losses
If Bitcoin fails to break above the $65,400 resistance zone, it might resume its decline. Immediate support on the downside is around $64,800. The first major support is at $64,200, with the next support forming near $64,000. Further losses could drive the price towards the $63,200 support zone in the near term.
Technical Indicators
- Hourly MACD: The MACD is losing pace in the bearish zone.
- Hourly RSI (Relative Strength Index): The RSI for BTC/USD is near the 50 level, indicating a balanced momentum.
Support and Resistance Levels
- Major Support Levels: $64,500, followed by $64,000.
- Major Resistance Levels: $65,400, and $66,000.
As Bitcoin continues to navigate this bearish phase, traders should watch these critical support and resistance levels to gauge the market’s next moves.
