#Bitcoinprice Grinds Lower As Bears Aim For New Monthly Low
Bitcoin struggled to maintain its position above $65,000, facing downward pressure and risking further declines below $62,000.
Despite attempts to break above $64,000, Bitcoin encountered resistance near $65,000, leading to a subsequent decline.
Currently trading below $64,500 and the 100-hourly Simple Moving Average (SMA), a significant bearish trend line is forming with resistance at $63,350 on the hourly chart of BTC/USD.
Should there be a daily close below the $62,400 support zone, it may trigger accelerated downward movement.
Bitcoin's price attempted to surge above $64,000 but failed to gain momentum beyond $65,000 resistance, reaching a peak at $64,301 before commencing another downturn. Presently trading below $63,200 and the 100-hourly SMA, Bitcoin exhibits a #BEARISHđ bias below the 76.4% Fibonacci retracement level of the recent upward swing.
Immediate resistance is expected near $63,350 or the trend line, with major resistance at $64,000 and $64,300. A breach above $64,300 could propel the price higher towards $65,000 and potentially $65,500.
Failure to surpass the $63,350 resistance may lead to continued downward movement, with immediate support at $62,400 and major support at $62,000. Further declines could target $61,200 and the $60,000 support zone.
Technical Indicators:
- Hourly MACD: Gaining momentum in the bearish zone.
- Hourly RSI (Relative Strength Index): Below the 50 level.
- Major Support Levels: $62,400, followed by $62,000.
- Major Resistance Levels: $63,350, $64,000, and $65,000.
Source - newsbtc.com
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