Bitcoin Price Plunges Below $64K, But Bullish Trend Remains Strong
Bitcoin’s price took a hit as it dropped below the crucial $65,000 support level. However, experts believe that the long-term uptrend for the cryptocurrency remains intact, offering hope for a potential rebound in the near future.
At present, BTC is struggling to hold above the $62,000 support zone and may even test the $60,000 threshold. The price has dipped below $63,500 and the 100-hourly Simple Moving Average, indicating a bearish sentiment in the market.
On the hourly chart of the BTC/USD pair, a bearish trend line has formed with resistance at $63,300, adding to the current downward pressure. Despite these challenges, experts point out that a significant upward move could be possible if the price manages to surpass the $65,200 resistance zone.
Bitcoin initially entered a short-term bearish zone below $66,500, causing it to break through the $65,000 and $64,000 support levels. This led to a new weekly low near $61,537, followed by a consolidation period. The price is struggling to overcome the 23.6% Fibonacci retracement level, calculated from the $68,898 swing high to the $61,537 low.
With Bitcoin now trading below $63,500 and the 100-hourly Simple Moving Average, the immediate obstacle lies at the $63,300 mark due to the bearish trend line. If the price manages to surpass $64,000, it could pave the way for a potential move towards $65,200, which aligns with the 50% Fibonacci retracement level.
Nevertheless, should Bitcoin fail to break the $63,300 resistance zone, the cryptocurrency could face further losses. Immediate support is expected at $62,000, followed by the major support levels of $61,500 and $60,500. A close below $60,500 may trigger a drop towards the $60,000 level, with additional losses potentially leading to the $58,800 support zone.
Technical indicators signal a continuing bearish trend, with the hourly MACD gaining momentum within the bearish zone. The Relative Strength Index (RSI) for BTC/USD has dipped below the 50 level, further supporting the notion of a downward trajectory.
While this decline in Bitcoin’s price is concerning for some investors, it is important to remember that cryptocurrency markets are highly volatile. Traders are encouraged to conduct thorough research and analysis before making any investment decisions. As always, investing in cryptocurrencies carries inherent risks, and caution should be exercised.