Bitcoin Price Analysis: BTC Faces Further Declines as Bears Dominate

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.


Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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