The latest trend in the Bitcoin market has seen a sharp decline in price, with BTC dropping below the $66,500 support level. The cryptocurrency is currently struggling to hold above $65,500 and the 100 hourly Simple Moving Average, indicating a bearish momentum.
A key indicator of the bearish trend is the break below a key bullish trend line with support at $66,000 on the hourly chart of the BTC/USD pair. This break suggests that Bitcoin’s price might extend losses and potentially revisit the $63,200 support zone in the near future.
The hourly MACD for Bitcoin is now gaining pace in the bearish zone, indicating a strong downward momentum. Additionally, the hourly Relative Strength Index (RSI) for BTC/USD is now below the 50 level, further confirming the bearish trend.
In case of a recovery wave, Bitcoin’s price could face resistance near the $65,200 level, with the first key resistance at $65,500. A clear move above this resistance could potentially spark another increase in the coming sessions, with the next key resistance level at $66,200.
However, if Bitcoin fails to recover above the $65,500 resistance zone, the price could continue to move down. Immediate support on the downside is near the $64,000 level, with the first major support at $63,200 and the next support at $62,500. Further losses might push the price toward the $61,500 support zone in the near term.
Overall, the current trend in Bitcoin’s price indicates a strong bearish momentum, with key technical indicators pointing towards further downside potential. Traders and investors should closely monitor the support and resistance levels mentioned to gauge the future direction of Bitcoin’s price movement.
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