Bitcoin Price Slide: Intensifies Losses Amid Heightened Selling Pressure
Bitcoin price continues its downward trajectory and has now fallen below the key $65,000 level. With bearish signs emerging, BTC may experience further declines below the $64,600 level.
Bitcoin remained entrenched in a bearish zone, unable to surpass the $65,000 mark. Currently, the price is trading below $66,000 and the 100 hourly Simple Moving Average, indicating a negative sentiment. Additionally, an hour chart for the BTC/USD pair sourced from Kraken shows a trend line forming with resistance at $67,500. This suggests that downward movement may persist, potentially leading to trading below the critical $64,500 support zone.
Bitcoin has been struggling to bounce back above the $66,500 resistance zone after beginning a fresh decline from its recent peak of $67,256. Subsequently, it dropped below the $65,500 and $65,000 support levels, bottoming out at $64,611. Despite a minor increase over $65,000, the price remains below the 23.6% Fibonacci retracement level of the dip from $67,256 to $64,611.
At present, Bitcoin’s price is trading below $66,000 and the 100 hourly Simple Moving Average, while facing resistance around the $66,000 level and the 50% Fib retracement level of the decline from $67,256 to $64,611. The first significant resistance lies near $66,250, followed by $66,500.
Nevertheless, breaking above the $66,500 resistance could trigger a notable upswing, potentially leading to further upside and testing the $67,500 resistance level. If these gains persist, BTC might even approach the $68,500 resistance in the near future.
However, failing to surpass the resistance at $66,000 could pave the way for further downward movement. Immediate support awaits at the $65,000 level, followed by the first significant support at $64,600. Another support level is taking shape around $64,500, beyond which a drop to the $63,200 support zone becomes a possibility.
Technical indicators also point towards a bearish trend, with the MACD gaining momentum in the bearish zone and the hourly Relative Strength Index (RSI) for BTC/USD falling below the 50 level.
In summary, Bitcoin’s price slide persists as sustained selling pressure causes further losses. Traders should closely monitor the key support and resistance levels outlined above to gauge potential market movements.