Bitcoin price has taken a hit once again, extending its losses and dropping below the $65,000 mark. The bearish trend continues, with BTC struggling to make significant gains. The price is currently below $66,000 and the 100 hourly Simple Moving Average, indicating a lack of bullish momentum. There is a connecting trend line with resistance at $67,500 on the hourly chart of the BTC/USD pair.
Despite attempts to recover, Bitcoin has faced significant hurdles in surpassing the $66,500 resistance zone. The bearish trend was reinforced as the price declined from the $67,256 high, breaking below key support levels at $65,500 and $65,000. The price briefly tested $64,600 before consolidating losses. Although there was a minor increase above $65,000, the price is still struggling to gain traction.
Hourly MACD is now gaining pace in the bearish zone, indicating a strengthening bearish sentiment. The Hourly RSI for BTC/USD is below the 50 level, further confirming the current downward trend. Major support levels are seen at $65,000 and $64,500, while major resistance levels are at $66,000 and $66,500.
If Bitcoin fails to break above the $66,000 resistance zone, it is likely to continue its downward trajectory. Immediate support is expected near the $65,000 level, followed by $64,600 and $64,500. Further losses could see the price heading towards the $63,200 support zone in the near term.
With the current bearish outlook and the inability to break key resistance levels, Bitcoin is facing a challenging path ahead. The price action in the coming days will be crucial in determining whether BTC can reverse its downward trend or if it will continue to slide further. Traders and investors will need to closely monitor the price movements and key support/resistance levels to make informed decisions in this volatile market.
Bitcoin’s price decline below key support levels and the struggle to recover indicate a bearish sentiment in the market. While there may be temporary upticks, the overall trend suggests further downside potential. It is essential for market participants to exercise caution and closely follow technical indicators to navigate the current landscape effectively.
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