Bitcoin price started a new decline below the $65,000 zone. BTC is showing bearish signs and could continue to decline if the price falls below $62,000.
- Bitcoin failed to stay above $65,500 and extended losses.
- The price is trading below $64,000 and the 100 hourly moving average.
- A bearish trendline is forming with resistance around $63,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend losses if it remains below the USD 65,000 and USD 65,500 levels.
Bitcoin Price Extends Losses
Bitcoin price failed to stay above the USD 66,500 support zone. BTC remained in a bearish zone and extended losses below the USD 65,000 level. There was a move below the $64,000 level.
The price even dropped below $62,500. A low was formed at $61,255 and the price is still showing many bearish signs. It is below the 23.6% Fib retracement level of the downward move from the $74,070 swing high to the $61,255 low.
Bitcoin is now trading below $64,000 and the 100 hourly moving average. If the price remains stable above USD 61,200, a new increase can be attempted. The immediate resistance is near the $63,200 level. A bearish trendline is also forming with resistance around $63,200 on the hourly chart of the BTC/USD pair.
The first major resistance is around the $64,000 level. A close above the USD 64,000 resistance could send the price higher. In the mentioned case, the price could rise and test the USD 65,500 resistance.
Any further gains could send the price towards the USD 65,500 level. The next barrier for the bulls could be $67,650, or the 50% Fib retracement level of the downward move from the $74,070 swing high to the $61,255 low.
Lose more in BTC?
If Bitcoin fails to rise above the $64,000 resistance zone, it could trigger another decline. Immediate support is approaching the $62,000 level.
The first major support is near the $61,200 level. The next support is now near the $60,800 zone. Any further losses could send the price towards the USD 60,200 support in the short term. The key support is now at $60,000, below which BTC could struggle to recover in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – USD 62,000, followed by USD 61,200.
Major resistance levels – $64,000 and $65,500.