Bitcoin price started another decline in the $67,000 zone. BTC is showing bearish signs and could soon revisit the $61,000 support zone.
- Bitcoin failed to clear the $67,000 resistance zone.
- The price is trading below $65,000 and the 100 hourly simple moving average.
- There was a break below an ascending channel with support at $64,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may extend its decline unless it breaks above the $65,000 resistance zone.
Bitcoin Price Recovery Stalls
Bitcoin price tried a wave of recovery above the $65,000 resistance zone. BTC even rose above $66,200, but bears were active near the $67,000 zone.
A high was formed at $66,898 and the price began another decline amid rising tensions between Israel and Iran. There was a move below the $65,000 and $64,000 levels. The price traded below the 50% Fibonacci retracement level of the upward move from the $60,495 swing low to $66,898 high.
There was a break below an ascending channel with support at $64,900 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $65,000 and the 100 hour simple moving average. Bulls are now protecting the 61.8% Fibonacci retracement level of the upward move from the $60,495 swing low to $66,898 high at $63,000.
Immediate resistance is near the $63,750 level. The first major resistance could be at $64,700. The next resistance now lies at $65,000. If there is a clear move above the $65,000 resistance zone, the price could continue rising. In the stated case, the price could rise to $66,800 and the 100 hourly simple moving average.
Source: BTCUSD on TradingView.com
The next major resistance is near the $67,200 zone. Any further gains could send Bitcoin towards the $70,000 resistance zone in the near term.
More losses in BTC?
If Bitcoin fails to rise above the $65,000 resistance zone, it could begin another decline. Immediate downside support is near the $63,000 level.
The first major support is at $62,000. If there is a close below $62,000, the price could start falling towards the $61,000 level. Further losses could send the price towards the $60,500 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Key support levels – $63,000, followed by $62,000.
Main resistance levels – $64,700, $65,000 and $67,000.
Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC’s opinion on buying, selling or holding any investments and, naturally, investing carries risks. We advise that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.