Bitcoin’s price has experienced a dip once again, raising concerns about a potential bearish trend. The cryptocurrency failed to surpass the $65,500 resistance level and has since begun moving downward. Several bearish indicators have emerged below the $63,500 mark, indicating a potential extension of the correction.
A major bullish trend line with support at $63,700 was broken, contributing to the bearish sentiment. As a result, Bitcoin is currently trading below both the $63,350 level and the 100 hourly Simple Moving Average. If this downward movement continues, the cryptocurrency could revisit the $60,000 support zone in the near future.
While Bitcoin briefly surpassed the $64,500 level, it struggled to overcome the significant resistance at $65,500. The price ultimately retreated, falling below $64,000 and the 23.6% Fibonacci retracement level. Additionally, a bearish trend line that had provided support at $63,700 was broken.
At present, Bitcoin is trading below $63,500 and the 100 hourly Simple Moving Average. The immediate resistance level is around $63,350, followed by $64,000 and $65,000. However, the key hurdle remains at $65,500, and a clear breakthrough above this level could drive the price further up to $66,650 and potentially even $68,000.
If Bitcoin fails to surpass the $63,500 resistance zone, it may continue its downward trajectory. The first support level is near $62,000, followed by $61,000, which corresponds to the 50% Fibonacci retracement level. A close below $61,000 could result in a drop towards $60,000, and further losses could push the price towards the $58,000 support zone in the near term.
With regard to technical indicators, the hourly MACD is currently showing a bearish trend, while the Relative Strength Index (RSI) for BTC/USD is below the 50 level.
It is important to note that this information is for educational purposes only and does not constitute financial advice. As always, conducting thorough research and exercising caution is recommended when making investment decisions.