Bitcoin price struggled to settle above the $65,000 zone. BTC is falling again and there is a risk of further decline below $62,000.
- Bitcoin started to fall again after failing to break above the $64,000 resistance zone.
- The price is trading below the $64,500 and 100 hourly simple moving average.
- The hourly chart of the BTC/USD pair has a major bearish trendline forming resistance at $63,350 (data feed from Kraken).
- If the daily close price falls below the $62,400 support zone, the pair could fall further.
Bitcoin price plummets again
Bitcoin price attempted a new rally above the $64,000 zone. However, BTC failed to gain pace above the $65,000 resistance zone. A high was formed at $64,301 and the price started to fall further.
There was a move below the $63,800 level. Price fell below the 50% Fib retracement level of the bull market from the swing low of $62,408 to the high of $64,301. Bitcoin is currently trading below $63,200 and its 100-hour simple moving average.
There is also a major bearish trendline forming resistance at $63,350 on the hourly chart of the BTC/USD pair. The pair shows a bearish bias below the 76.4% Fib retracement level of the bull market from the swing low of $62,408 to the high of $64,301.
Immediate resistance is near the $63,350 level or trend line. The first major resistance level could be at $64,000 or $64,300. A clear break above the $64,300 resistance could push the price higher. The next resistance level is currently located at $65,000.
Source: BTCUSD on TradingView.com
If there is a clear move above the $65,000 resistance zone, the price could continue higher. In the case above, the price could rise towards his $65,500. The next major resistance level is near the $66,200 zone. Any further rise could send Bitcoin heading towards the $67,500 resistance zone in the near term.
Further losses for BTC?
If Bitcoin fails to rise above the $63,350 resistance zone, the decline could continue. Immediate support on the downside is near the $62,400 level.
The first major support is $62,000. If the closing price is below $62,000, the price may start to fall towards $61,200. Any further losses could send the price towards the $60,000 support zone in the short term.
Technical indicators:
Hourly MACD – The MACD is currently pacing in the bearish zone.
Hourly RSI (Relative Strength Index) – BTC/USD’s RSI is currently below the 50 level.
Major support level – $62,400, followed by $62,000.
Key resistance levels – $63,350, $64,000, $65,000.
