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Bitcoin Price Pain Isn’t Over Yet as Selling Pressure Persists
Bitcoin price started a fresh decline below the $65,000 zone. $BTC is showing bearish signs and might continue to move down if it dips below $62,000.
- Bitcoin failed to stay above $65,500 and extended losses.
- The price is trading below $64,000 and the 100-hour simple moving average.
- There is a bearish trend line forming with resistance near $63,200 on the hourly chart of the $BTC/USD pair, according to Kraken data.
- The pair might extend losses if it stays below the $65,000 and $65,500 levels.
Bitcoin Price Extends Losses
Bitcoin price failed to stay above the $66,500 support zone. $BTC remained in a bearish zone and extended losses below the $65,000 level. There was also a move below the $64,000 level.
The price even dipped below $62,500. A low was formed at $61,255, and the price is still showing many bearish signs. It is below the 23.6% Fibonacci retracement level of the downward move from the $74,070 swing high to the $61,255 low.
Bitcoin is now trading below $64,000 and the 100-hour simple moving average. If the price remains stable above $61,200, it could attempt a fresh increase. Immediate resistance is near the $63,200 level. There is also a bearish trend line forming with resistance near $63,200 on the hourly chart of the $BTC/USD pair.
The first key resistance is near the $64,000 level. A close above the $64,000 resistance might send the price further higher. In that case, the price could rise and test the $65,500 resistance.
Source: BTCUSD on TradingView.com.
Any further gains might send the price towards the $65,500 level. The next barrier for the bulls could be $67,650 or the 50% Fibonacci retracement level of the downward move from the $74,070 swing high to the $61,255 low.
More Losses in $BTC?
If Bitcoin fails to rise above the $64,000 resistance zone, it could start another decline. Immediate support is near the $62,000 level.
The first major support is near the $61,200 level. The next support is now near the $60,800 zone. Any further losses might send the price towards the $60,200 support in the near term. The main support now sits at $60,000, below which $BTC might struggle to recover in the near term.
Technical Indicators
Hourly MACD — The MACD is now gaining pace in the bearish zone.
Hourly RSI — The Relative Strength Index for $BTC/USD is now below the 50 level.
Major support levels — $62,000, followed by $61,200.
Major resistance levels — $64,000 and $65,500.
See also: "Bitcoin Traders Close Long Positions: The Market Lost $636 Million in One Day"
