After hitting resistance near the $70,000 mark, Bitcoin price has started a downward correction. The current support levels are crucial in determining whether the price will extend its losses or bounce back.
Looking at the technical indicators, the hourly MACD is gaining momentum in the bearish zone. Additionally, the hourly RSI for BTC/USD has dipped below the 50 level. These signals suggest that the price could face further downward pressure in the near future.
The immediate support level for Bitcoin is around $66,000, followed by $65,500. If the price continues to decline, the next major support zone is around $65,000. Further losses could push the price towards the $63,500 support level.
On the other hand, the key resistance levels to watch out for are $67,200 and $68,000. A clear break above these resistance levels could signal a bullish trend reversal. The ultimate hurdle for Bitcoin price lies at $68,500, which could open up the path for a retest of the $70,000 resistance.
At the moment, Bitcoin is trading below $68,500 and the 100 hourly Simple Moving Average. The failure to reclaim key resistance levels has put the price in a precarious position, with further downside potential if the $66,000 support zone is breached.
The recent break below a key bullish trend line at $68,620 on the hourly chart indicates a shift in momentum towards the bears. The price tested the $66,000 support level and formed a temporary low at $66,063. However, the consolidation phase suggests that the bears are still in control.
Bitcoin price is facing a critical juncture as it grapples with key support and resistance levels. The technical indicators point towards a bearish bias, indicating the potential for further declines in the near term. Traders and investors should exercise caution and closely monitor the price action to assess the future direction of Bitcoin.
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