Bitcoin Price Analysis: BTC Faces Further Declines Below $64,500 as Bears Dominate
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Bitcoin's price continues its downward trend, recently dipping below the $64,500 mark. Despite some attempts at recovery, the bears seem firmly in control, suggesting the potential for further declines.
Key Highlights
Bitcoin remains in a bearish zone, trading below $64,500.The price is currently under the $65,500 threshold and the 100-hour simple moving average (SMA).A trend line with resistance at $65,400 is forming on the hourly BTC/USD chart (data from Kraken).The pair faces risks of further declines below the $64,000 support level.
Bitcoin Price Dips Further
After settling below the $66,500 resistance zone, Bitcoin has extended its losses, trading below $65,000 and dipping even further to below $64,500. A low point was reached at $64,050, followed by a minor recovery as the price climbed back above $64,500. It also moved above the 23.6% Fibonacci retracement level of the downward wave from the $67,255 swing high to the $64,050 low.
Currently, Bitcoin is trading below $65,500 and the 100-hour SMA. Additionally, a connecting trend line with resistance at $65,400 is evident on the hourly BTC/USD chart.
Technical Indicators
Hourly MACD: The MACD is losing pace in the bearish zone.
Hourly RSI (Relative Strength Index): The RSI for BTC/USD is near the 50 level, indicating a balanced momentum.
Support and Resistance Levels
Major Support Levels: $64,500, followed by $64,000.
Major Resistance Levels: $65,400, and $66,000.
As Bitcoin continues to navigate this bearish phase, traders should watch these critical support and resistance levels to gauge the market's next moves.
