Bitcoin price has experienced a decline and traded below the $65,000 level, indicating bearish signs in the market. Despite attempts to recover above $66,500, the price remained in a bearish zone and initiated a fresh decline from the $67,256 high. There was a clear move below the $65,500 and $65,000 support levels, leading to a test of $64,600 where a low was formed at $64,611. The price is currently consolidating losses after a minor increase above $65,000.
The hourly MACD is now gaining pace in the bearish zone, indicating a potential continuation of the downward trend. Additionally, the hourly RSI for BTC/USD is below the 50 level, further confirming the bearish sentiment in the market.
Immediate support on the downside is seen near the $65,000 level, followed by a major support level at $64,600. The next support level is forming around $64,500, with further losses potentially pushing the price towards the $63,200 support zone in the near term.
On the upside, the price is currently facing resistance near the $66,000 level, with the 50% Fib retracement level of the downward move from the $67,256 swing high to the $64,611 low acting as a key resistance point. The first major resistance level is at $66,250, followed by $66,500. A clear move above the $66,500 resistance could signal a potential increase in price and push BTC towards the $67,500 resistance. Further gains might even send the price towards the $68,500 resistance in the near future.
Bitcoin price analysis shows a bearish trend with the price falling below $65,000 and facing resistance near $66,000. Technical indicators point towards further bearish momentum, with support levels at $65,000, $64,600, and $64,500. Failure to break above the $66,000 resistance could lead to continued downside movement towards the $63,200 support zone. Traders and investors should monitor these key levels closely to make informed decisions in the volatile cryptocurrency market.