Bitcoin price faced significant losses recently, dropping below the $64,500 level. Despite attempting to correct these losses, the bears are still dominant in the market and are pushing for further declines. The negative sentiment surrounding Bitcoin has kept the price below $65,500 and the 100 hourly Simple Moving Average. Additionally, a connecting trend line with resistance at $65,400 has formed on the hourly chart of the BTC/USD pair from Kraken, indicating the struggle Bitcoin faces in regaining bullish momentum.
As the bearish trend persists, Bitcoin remains at risk of experiencing more downsides below the critical $64,000 support zone. Despite minor recovery attempts that pushed the price above the $64,500 level, Bitcoin is trading below $65,500 and the 100 hourly Simple Moving Average. The presence of a resistance trend line at $65,400 further complicates the situation for Bitcoin, making it challenging for the price to break through and reverse the current downtrend.
While the road ahead seems tough for Bitcoin, there are key resistance levels that traders should monitor closely. Resistance near the $65,500 level and the trend line presents significant hurdles for Bitcoin’s price recovery. If Bitcoin manages to surpass these levels, the next major resistance lies at $65,650 or the 50% Fibonacci retracement level from the recent downward wave. A clear move above $66,000 resistance could signal a potential uptrend, leading Bitcoin towards the $66,500 resistance level. Further gains might propel Bitcoin towards the $67,500 price zone in the near future.
In the event that Bitcoin fails to break above $65,400 resistance, another downturn could be on the horizon. Immediate support is anticipated near the $64,800 level, with major support residing at $64,200. Should the price continue to decline, the next support level is likely forming near $64,000, followed by the $63,200 support zone in the near term. Technical indicators such as the MACD and the RSI for BTC/USD signal a bearish sentiment, further reinforcing the current downward trajectory of Bitcoin’s price.
The bearish trend of Bitcoin continues to exert pressure on the cryptocurrency, with key resistance and support levels dictating its near-term price action. Traders should remain vigilant and monitor price developments closely to navigate the volatile market conditions effectively.