Bitcoin price drops again, is this a new bearish sign?
Bitcoin price continues to rise above $64,500. However, BTC struggled to break out of the $65,500 resistance zone. A high was formed at $65,550 and the price is currently correcting gains.
The price declined below the $64,000 level. The price declined below the 23.6% Fib retracement level of the upward wave from the $56,380 swing low to $65,550 high. Moreover, there was a break below a major bullish trend line with support at $63,700 on the hourly chart of the BTC/USD pair.
Bitcoin is currently trading below $63,500 and the 100 hourly simple moving average. An immediate resistance is near $63,350. The first major resistance could be at $64,000. The next key resistance could be at $65,000.
The major resistance is now at $65,500. A clear break above the $65,500 resistance level could lead the price higher. The next resistance level is now at $66,650. The price is likely to continue to rise on a close above the $66,650 resistance zone. In the mentioned case, the price could move up to $68,000.
If Bitcoin fails to break above the $63,500 resistance level, it is likely to continue to decline. An immediate support on the downside is near $62,000. The first major support is at $61,000, which is the 50% Fib retracement level of the upward wave from the $56,380 swing low to $65,550 high. If there is a close below $61,000, the price could start a decline towards $60,000. Any more losses could lead the price to the $58,000 support area in the near term.
Technical Indicators:
Hourly MACD – The MACD is currently accelerating in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.
Major support level – $62,000, followed by $60,000.
Major resistance levels – $63,500, $64,000, and $65,500.
