🔥🔥🔥 #bitcoin Price Takes a Plunge: Analyzing the Sudden Drop

Bitcoin's price has started another downward trend after struggling near the $64,550 resistance level, now trading below $63,500 and potentially heading lower.

Key Points:

- Initial Decline: Began from the $64,550 resistance.

- Current Levels: Trading below $63,500 and the 100-hourly simple moving average (SMA).

- #BEARISH📉 Trend Line: Resistance at $63,600 on the hourly BTC/USD chart.

- Potential Further Losses: Possible if it breaks below $62,700 and $62,500 support levels.

Detailed Analysis:

Bitcoin failed to recover above $65,000, facing significant resistance near $64,550 and subsequently dropping below $64,000 and $63,500, even falling past $63,000. A low formed at $62,700, with the price now consolidating losses. The bearish trend line at $63,600 is a key resistance point.

Bitcoin trades under $63,500 and the 100-hourly SMA. Any recovery might face resistance near $63,550 (23.6% Fibonacci retracement of the move from $66,444 to $62,700) and stronger resistance at $64,000 and $64,500 (50% Fibonacci retracement).

Potential Price Movement:

Upside Potential:

- Break Above $64,500: Could signal a steady increase.

- Targets: $65,500 and potentially $66,200.

Downside Risks:

- Failure to Break $63,550: Could lead to further decline.

- Immediate Support: Near $62,700.

- Further Support: $62,200 and $62,000.

- Significant Drop: Could reach the $61,200 support zone.

Technical Indicators:

- Hourly MACD: Gaining pace in the bearish zone.

- Hourly RSI: Below 50, indicating bearish sentiment.

Summary:

Bitcoin's struggle near the $64,550 resistance has led to a fresh decline, now trading below $63,500. Further losses are possible if it fails to break the $63,550 resistance. Conversely, a move above $64,500 could signal a bullish reversal and higher prices.

Key Levels to Watch:

- Support: $62,700, $62,200, $62,000.

- Resistance: $63,550, $64,500.

Source - newsbtc.com

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