Bitcoin price witnessed a dip after failing to break through the resistance at $67,000 and $67,200. Currently, it is struggling to maintain its position above the $63,650 support level. The cryptocurrency is trading below $65,000 and the 100 hourly Simple Moving Average. A key bullish trend line at $66,200 was broken, indicating bearish pressure. However, there is a possibility of a correction, although bears might exert influence near the $65,500 mark.
Bitcoin’s failure to surpass the resistance levels has led to a fresh decline, with the price dropping below $66,000 and the short-term support at $65,500. The hourly chart shows a consolidation of losses after a dip to $63,583. BTC is currently trading below $65,500 and the 100 hourly Simple Moving Average. The immediate resistance lies at $64,500 or the 23.6% Fib retracement level. If the price manages to surpass this level, it could push towards the next resistance at $65,350 or the 50% Fib retracement level. Further resistance is observed at $65,850, with the potential to drive the price towards $67,000.
On the downward side, if Bitcoin fails to break the resistance at $65,350, it could experience further losses. The immediate support lies at $63,500, followed by $62,600. A close below $62,600 might lead to a drop towards $61,200. In the worst case, the price could reach the support zone at $60,000.
Technical indicators suggest a bearish trend, as the MACD is losing pace in the bearish zone, and the 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. Conduct thorough research before making any investment decisions, as investing carries inherent risks.