Bitcoin price started falling again after struggling near $64,550. BTC fell below the USD 63,500 support and could continue to decline.
- Bitcoin started a new decline from the USD 64,550 resistance level.
- The price is trading below $63,500 and the 100 hourly Simple Moving Average.
- A connecting bearish trendline is forming with resistance at $63,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend losses if there is a clear move below the $62,700 and $62,500 support levels.
Bitcoin price continues to fall
Bitcoin price failed to recover above the $65,000 level. BTC struggled near USD 64,550 and started falling again. There was a steady decline below the USD 64,000 and USD 63,500 levels.
The price even fell below the $63,000 level. A low was formed at $62,700 and the price is now consolidating losses. A connecting bearish trendline is also forming with resistance at $63,600 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading below $63,500 and the 100 hourly Simple Moving Average. If a recovery wave comes, the price could face resistance near the $63,550 level and the 23.6% Fib retracement level of the downward move from the $66,444 swing high to the $62,700 low.
The first major resistance could be at $64,000. The next major resistance could be $64,500, or the 50% Fib retracement level of the downward move from the $66,444 swing high to the $62,700 low.
A clear move above the USD 64,500 resistance could trigger a steady rise and send the price higher. In the mentioned case, the price could rise and test the USD 65,500 resistance. Any further gains could send BTC towards the USD 66,200 resistance in the near term.
More disadvantages of BTC?
If Bitcoin fails to climb above the USD 63,550 resistance zone, it could continue to decline. The immediate downside support is near the $62,700 level.
The first major support is at $62,200. The next support is now near $62,000. Any further losses could send the price towards the $61,200 support zone 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 62,700, followed by USD 62,200.
Major resistance levels – $63,550 and $64,500.
