🔥🔥🔥 #Bitcoinprice Restarts Decline, Can BTC Bulls Protect $60K?

Bitcoin's price has resumed its decline from the $67,000 zone, indicating #BEARISH📉 momentum and a potential revisit to the $61,000 support level.

Key Points:

- Bitcoin failed to surpass the $67,000 resistance.

- Currently trading below $65,000 and the 100-hourly Simple Moving Average.

- A rising channel support at $64,900 was broken on the BTC/USD hourly chart.

- Further decline is possible unless the $65,000 resistance is cleared.

Bitcoin Price Recovery Stalls:

- Bitcoin attempted a recovery above $65,000 and briefly exceeded $66,200 before facing resistance near $67,000.

- Subsequently, it declined again amid escalating tensions between Israel and Iran.

- The price dropped below $65,000 and $64,000 levels, breaching the 50% Fib retracement level from the recent swing low to high.

- Additionally, a break below the rising channel support at $64,900 was observed.

Technical Indicators and Potential Outcomes:

- Immediate resistance lies near $63,750, followed by $64,700 and $65,000.

- A clear move above $65,000 could signal further upward movement towards $66,800 and the 100-hourly Simple Moving Average.

- Major resistance is expected near the $67,200 zone, potentially pushing Bitcoin towards the $70,000 resistance level.

Possible Further Losses in BTC:

- If Bitcoin fails to surpass the $65,000 resistance, it may continue its decline.

- Immediate support is around $63,000, followed by $62,000.

- A close below $62,000 could trigger a drop towards the $61,000 support level, with further losses potentially reaching the $60,500 zone.

Technical Indicators:

- Hourly MACD shows a decline in bearish momentum.

- Hourly RSI for BTC/USD is below the 50 level, indicating bearish sentiment.

- Support Levels: $63,000, $62,000

- Resistance Levels: $64,700, $65,000, $67,000

Source - newsbtc.com

#cryptocurrency #BinanceSquareBTC #BTC🔥🔥🔥🔥🔥🔥