Bitcoin price has continued to plummet, breaking below the $64,500 level. Despite a slight correction in losses, the bears are firmly in control and are aiming for further declines in the market.
Bitcoin remains in a bearish zone, trading below the $65,500 mark and the 100 hourly Simple Moving Average. Additionally, a connecting trend line with resistance at $65,400 has formed on the BTC/USD hourly chart. The pair is currently at risk of experiencing more downside movements below the $64,000 support zone.
After failing to surpass the $66,500 resistance level, Bitcoin saw an extension of losses and dropped below $65,000. The price even dipped below $64,500 before finding support at $64,050. Currently, the price is in a correction phase with a minor recovery above $64,500.
Resistance and Support Levels
Bitcoin is facing resistance around the $65,500 mark and the trend line on the hourly chart. The first major resistance is expected at $65,650 or the 50% Fibonacci retracement level. On the other hand, immediate support is near $64,800 with the first major support at $64,200, followed by $64,000. Further losses could potentially push the price towards the $63,200 support zone in the short term.
The hourly MACD is showing a slowdown in the bearish momentum, while the RSI for BTC/USD is hovering around the 50 level. Major support levels to watch out for include $64,500 and $64,000, whereas major resistance levels are at $65,400 and $66,000.
Bitcoin’s price correction has put the market in a bearish stance with potential for further downside movements. Traders and investors should closely monitor the key support and resistance levels to gauge the future direction of Bitcoin’s price movement.
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