Bitcoin’s price has once again started to decline after failing to break through the $67,000 resistance zone. The cryptocurrency is currently trading below $65,000 and the 100 hourly Simple Moving Average, signaling bearish signs. There was also a break below a rising channel with support at $64,900, further indicating a potential revisit to the $61,000 support zone.
Bitcoin did attempt a recovery wave, reaching above $66,200, but strong bearish pressure near the $67,000 level pushed it back down. The recent decline can be attributed to rising tensions between Israel and Iran. The price dropped below the $65,000 and $64,000 levels, and it is now trading below the 50% Fibonacci retracement level of the upward move from the $60,495 swing low to the $66,898 high.
To prevent further losses, the bulls need to clear the $65,000 resistance zone. Immediate resistance is around $63,750, followed by major resistance levels at $64,700 and $65,000. If the price successfully breaks above $65,000, it could continue its upward movement towards $66,800 and the 100 hourly Simple Moving Average.
On the other hand, if Bitcoin fails to rise above the $65,000 resistance zone, it could experience more losses. The immediate support lies at around $63,000, followed by a major support level at $62,000. If the price closes below $62,000, it may potentially drop towards the $61,000 level. Further losses could lead to the $60,500 support zone.
Technical indicators are currently showing bearish signals, with the MACD losing pace in the bearish zone and the hourly RSI dropping below the 50 level.
In summary, Bitcoin’s price has restarted its decline and is potentially heading towards the $61,000 support zone. The bulls need to defend the $60,000 level to prevent further losses.