Bitcoin Price Turns Red And At Risk of More Downsides Below $63K

Aayush Jindal

1 year ago

2 mins read

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Bitcoin price failed to recover above the $65,500 resistance. BTC is again moving lower and there is a risk of more downsides below $63,000.

Bitcoin started another decline after it failed to surpass the $65,500 resistance zone.
The price is trading below $64,500 and the 100 hourly Simple moving average.
There is a connecting bearish trend line forming with resistance at $64,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could accelerate lower if there is a daily close below the $63,000 support zone.

Bitcoin Price Faces Hurdles

Bitcoin price started a recovery wave from the $62,750 support zone. BTC was able to climb above the $64,000 and $64,500 resistance levels. However, the price failed to clear the $65,500 resistance zone.

A high was formed at $65,300 and the price started another decline. There was a move below the $64,500 level. The price tested the 50% Fib retracement level of the recovery wave from the $62,743 swing low to the $65,300 high.

Bitcoin is now trading below $64,500 and the 100 hourly Simple moving average. There is also a connecting bearish trend line forming with resistance at $64,500 on the hourly chart of the BTC/USD pair.

Immediate resistance is near the $64,500 level or the trend line. The first major resistance could be $65,350 or $65,500. A clear move above the $65,500 resistance might send the price higher. The next resistance now sits at $66,200.

Source: BTCUSD on TradingView.com

If there is a clear move above the $66,200 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $67,000. The next major resistance is near the $67,400 zone. Any more gains might send Bitcoin toward the $68,800 resistance zone in the near term.

More Losses In BTC?

If Bitcoin fails to rise above the $64,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $64,000 level.

The first major support is $63,750 or the 61.8% Fib retracement level of the recovery wave from the $62,743 swing low to the $65,300 high. If there is a close below $63,750, the price could start to drop toward $62,750. Any more losses might send the price toward the $61,200 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $64,000, followed by $63,750.

Major Resistance Levels – $64,500, $65,350, and $66,200.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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