Bitcoin’s recent price movement has turned red, indicating the potential for more downsides below the $63,000 level. Despite attempting to recover above the $65,500 resistance, BTC has been unable to sustain gains. Currently, the price is trading below $64,500 and the 100 hourly Simple Moving Average. On the hourly chart of the BTC/USD pair, a bearish trend line is forming with resistance at $64,500. If the price closes below the $63,000 support zone, it could accelerate lower.
In terms of resistance, Bitcoin faces hurdles at $64,500, $65,350, and $65,500. A clear move above $65,500 might lead to further upward movement towards $66,200 and potentially $67,000. However, if the price fails to rise above $64,500, it could continue to decline. The immediate support level on the downside is at $64,000, followed by $63,750. Further losses could push the price towards the $62,750 and $61,200 support levels. Technical indicators suggest a bearish momentum, with the MACD in the bearish zone and the RSI below 50.
It is important to note that this information is provided for educational purposes only and does not constitute financial advice. It is recommended to conduct thorough research and exercise caution when making investment decisions.