Bitcoin’s price is facing downward pressure as bears attempt to push it to a new monthly low. Despite struggling to settle above the $65,000 mark, BTC is now trading lower and there is a risk of further downside below $62,000.
After failing to surpass the $64,000 resistance zone, Bitcoin started another decline. The price is currently trading below $64,500 and the 100 hourly Simple Moving Average. On the hourly chart, there is a key bearish trend line with resistance at $63,350 for the BTC/USD pair.
If the price fails to find support and closes below the $62,400 zone, it could accelerate its downward momentum. On the upside, immediate resistance is near $63,350, with major resistance levels at $64,000 and $64,300. A clear break above these levels could send the price higher towards $65,000 and beyond.
However, if Bitcoin fails to overcome the resistance at $63,350, it could continue its downward trajectory. The first major support sits at $62,000, followed by potential further losses towards $61,200 and the $60,000 support zone.
The technical indicators suggest a bearish bias, with the MACD gaining pace in the bearish zone and the hourly RSI below the 50 level.
As always, it’s important to conduct your own research and exercise caution when making investment decisions. Bitcoin’s price movement carries inherent risks, and this article is provided for educational purposes only.