🔥🔥🔥 #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