Bitcoin Price Remains Under Pressure Despite Recent Moves, Indicators Point Towards Bearish Trend
Bitcoin’s price has continued its downward trajectory, falling below the $64,500 mark. Although there is some correction taking place, the bears still dominate the market and are looking for further losses.
Currently, Bitcoin remains in a bearish zone, trading below $65,500 and the 100-hourly Simple Moving Average. On the hourly chart of the BTC/USD pair, there is a connecting trend line forming with resistance at $65,400. This suggests that the pair is at risk of experiencing additional downside movement, potentially breaking below the $64,000 support zone.
Bitcoin’s price dipped even further after it failed to surpass the $66,500 resistance level. It fell below $65,000 and eventually dropped below $64,500. However, there has been a slight recovery above the $64,500 level, with the price climbing above the 23.6% Fibonacci retracement level of the downward wave from the $67,255 swing high to the $64,050 low.
Nonetheless, it’s important to note that Bitcoin is still trading below $65,500 and the 100-hourly Simple Moving Average. The aforementioned connecting trend line also poses as a resistance level at $65,400. The $65,500 level and the trend line itself act as major barriers on the upside. If these hurdles can be overcome, the next key resistance points will be at $65,650 and $66,000.
A break above the $66,000 resistance may trigger a decent increase in Bitcoin’s price and propel it higher. In such a scenario, the next level the price could test is the $66,500 resistance. Further gains might even push BTC towards the $67,500 resistance in the near future.
However, if Bitcoin fails to surpass the $65,400 resistance zone, it could result in another decline. The immediate support on the downside can be found near the $64,800 level, followed by more significant support at $64,200. Subsequently, the next support level forming near $64,000 could become crucial. Additional losses might drive the price towards the $63,200 support zone in the short term.
When considering the technical indicators, the hourly MACD is currently losing momentum in the bearish zone. Meanwhile, the hourly RSI (Relative Strength Index) for BTC/USD is approaching the 50 level.
To summarize, the current market conditions still favor the bears as Bitcoin’s price remains under pressure. The indicators are pointing towards a continuation of the bearish trend. Traders and investors should remain cautious as the price remains at risk of further decline, with key support levels set at $64,500 and $64,000, while major resistance levels are found at $65,400 and $66,000.