🔥🔥🔥 #bitcoin Price Dips Again, Is This A Fresh Bearish Signal?
Bitcoin faced resistance at the $65,500 level and is now experiencing downward pressure, with several bearish signals emerging below $63,500.
Following its upward surge, Bitcoin retraced below $63,500 and is currently trading under that level, as well as the 100-hourly Simple Moving Average. Additionally, a significant bullish trend line with support at $63,700 on the hourly chart of the BTC/USD pair was breached.
The failure to surpass the $65,500 resistance resulted in a correction, with the price dipping below the 23.6% Fib retracement level of the recent upward wave from the $56,380 swing low to the $65,550 high.
Immediate resistance is anticipated near the $63,350 mark, with $64,000 presenting the first major hurdle. Beyond that lies the key resistance zone at $65,000, followed by the critical barrier at $65,500. A decisive breakthrough above this resistance could pave the way for further upside momentum, with targets set at $66,650 and potentially $68,000.
However, if Bitcoin struggles to breach the $63,500 resistance, a continuation of the downward movement is likely. Immediate support is found around the $62,000 level, followed by a significant support zone near $61,000, marked by the 50% Fib retracement level of the recent upward wave.
A breach below $61,000 could signal further downside potential, with the price potentially targeting $60,000 and then the $58,000 support zone.
Key technical indicators reveal increasing bearish momentum, with the MACD gaining pace in the bearish zone and the hourly Relative Strength Index (RSI) dropping below the 50 level.
In summary, Bitcoin's failure to breach key resistance levels has triggered a correction, with the possibility of further downside movements if key support levels are breached.
Source - newsbtc.com