Bitcoin Falls Again: What's Next? Is a Return to $65,000 Still Possible?

The price of Bitcoin has dropped below $63,500 and is now hovering around the key level of $60,000. This decline has raised questions about whether a return to higher levels is still possible, but Bitcoin faces several obstacles on its way up.

Bitcoin's Price Under Pressure

Bitcoin recently dropped by more than 5% after hitting resistance at $65,000. It broke through several important support levels, including $64,000 and $63,500, entering a short-term bearish zone. Currently, the price is consolidating around $60,000 and has not yet managed to regain stability above $63,500.

The decline hit a low of $60,281, and Bitcoin is now attempting to recover. The current price is trading below the 100-hour simple moving average and faces resistance at $61,650 and $62,500. A bearish trendline with resistance at $62,800 has also formed on the BTC/USD hourly chart.

Potential for Growth

If Bitcoin manages to break through the resistance at $62,800, it could initiate another upward phase. The key resistance level is around $63,200, which aligns with the 50% retracement of the drop from the $66,055 high to the $60,281 low. Closing above this level could open the door to further gains, with a test of the $64,000 resistance level. If the growth continues, reaching $65,000 could be the next target.

Risk of Further Losses?

If Bitcoin fails to break through the resistance at $62,800, it could face further declines. Immediate support lies at $61,000, with significant support levels at $60,500 and $60,000. If Bitcoin drops below these levels, it could head towards the $58,500 support, indicating a deeper decline.

Technical Indicators

  • Hourly MACD: Losing momentum in the bearish zone.

  • Hourly RSI: The RSI for BTC/USD is below 50, indicating bearish sentiment.

  • Key Support Levels: $60,500 and $60,000.

  • Key Resistance Levels: $61,650 and $62,800.



Notice:

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