Bitcoin prices failed to reach $65,000 in USD against each other. BTC has experienced a new decline and could lose more than the $60,000 resistance.
- Bitcoin experienced a sharp decline starting at the $66,400 resistance level.
- Today, the price trades well under $65,000 as is the simple moving average of 100 hours.
- A break was seen below the major channel of rising support with support at $64,400 (data feed Kraken).
- In the short term, the pair may experience losses that fall below the $60,500 and $61,200 support levels.
Bitcoin price begins a new decline
The $66,000 resistance level was not enough to support Bitcoin’s price. BTC peaked at $66,400 before resuming a decline. The $65,000 support level was breached and the 100 hourly simple moving mean saw a significant decline.
Even below $63,500, the price traded lower than $63,000. On the hourly chart, the BTC/USD pairs showed a breakout below a rising channel that had support close to $64,400. For a drop below $62,000, the bears gained momentum.
An immediate low has formed at $61,126. The market is consolidating losses. A resistance level of $62,000 is nearby. Near the $62,400 mark is the first significant resistance. The 23.6% Fib Retracement Level of the recent fall from the $66,349 swing high level to $61,126 low is within reach.
The doors to a sustained recovery could open if the price breaks through $62,400 resistance. Near the $63,000 mark is the next significant resistance. Now, the main resistance to breakout is at or near $63,750.
Source: BTCUSD from TradingView.com
To act as a major hurdle, the 50% Fib level for the decline from $66,349 swing highs to $61,126 lows is also close to the $63,750 level.
It could fall further if bitcoin does not recover from the $63,000 resistance level. A $61,200 level provides immediate support for the downside.
Near the $61,000 mark, we see the first significant support. Near the $60,000 mark is the next support. Below that, the bulls may struggle to maintain the price within the green zone for the near-term.
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now in the oversold zone.
Major Support Levels – $61,200, followed by $60,000.
Major Resistance Levels – $62,400, $63,000 and $63,750.