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

Bitcoin value did not recuperate above the $65,500 resistance. BTC is once more transferring decrease and there’s a threat of extra downsides under $63,000.

• Bitcoin began one other decline after it did not surpass the $65,500 resistance zone.
• The worth is buying and selling under $64,500 and the 100 hourly Easy transferring common.
• There’s a connecting bearish pattern line forming with resistance at $64,500 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair might speed up decrease if there’s a day by day shut under the $63,000 help zone.

Bitcoin Value Faces Hurdles

Bitcoin value began a recovery wave from the $62,750 help zone. BTC was in a position to climb above the $64,000 and $64,500 resistance ranges. Nonetheless, the worth did not clear the $65,500 resistance zone.

A excessive was shaped at $65,300 and the worth began one other decline. There was a transfer under the $64,500 stage. The worth examined the 50% Fib retracement stage of the restoration wave from the $62,743 swing low to the $65,300 excessive.

Bitcoin is now buying and selling under $64,500 and the 100 hourly Simple moving average. There may be additionally a connecting bearish pattern line forming with resistance at $64,500 on the hourly chart of the BTC/USD pair.

Instant resistance is close to the $64,500 stage or the pattern line. The primary main resistance may very well be $65,350 or $65,500. A transparent transfer above the $65,500 resistance may ship the worth greater. The subsequent resistance now sits at $66,200.

Supply: BTCUSD on TradingView.com

If there’s a clear transfer above the $66,200 resistance zone, the worth might proceed to maneuver up. Within the acknowledged case, the worth might rise towards $67,000. The subsequent main resistance is close to the $67,400 zone. Any extra beneficial properties may ship Bitcoin towards the $68,800 resistance zone within the close to time period.

Extra Losses In BTC?

If Bitcoin fails to rise above the $64,500 resistance zone, it might proceed to maneuver down. Instant help on the draw back is close to the $64,000 stage.

The primary main help is $63,750 or the 61.8% Fib retracement stage of the restoration wave from the $62,743 swing low to the $65,300 excessive. If there’s a shut under $63,750, the worth might begin to drop towards $62,750. Any extra losses may ship the worth towards the $61,200 help zone within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bearish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now under the 50 stage.

Main Assist Ranges – $64,000, adopted by $63,750.

Main Resistance Ranges – $64,500, $65,350, and $66,200.

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