- Bitcoin faces another downward movement after failing to maintain a position above $64,550.
- The digital currency is now below the $63,500 mark, combining with the 100 hourly Simple Moving Average (SMA).
- A bearish trend line shows resistance around $63,600 according to the hourly chart data from Kraken.
Bitcoin continues its decline below key support levels, signaling potential further losses in the near term.
Bitcoin Price Faces Greater Decline
The price of Bitcoin could not break above the $65,000 resistance and slipped from the $64,550 mark. This triggered a downward trend, causing the price to fall below $64,000 and subsequently $63,500.
As it dropped further, Bitcoin reached a new low at $62,700 and entered a consolidation phase. The bearish trend forms a resistance around $63,600 on the BTC/USD’s hourly chart.
Resistance and Potential Recovery
Bitcoin is currently trading below $63,500, struggling with the 100 hourly Simple Moving Average. If a recovery ensues, resistance is anticipated around $63,550, which corresponds with the 23.6% Fibonacci retracement level of the decrease from the $66,444 peak to the $62,700 low.
The first significant resistance level is near $64,000, followed by $64,500, which aligns with the 50% Fibonacci retracement of the aforementioned downward movement. Surpassing $64,500 could potentially see a rise to $65,500, and possibly further toward the $66,200 mark.
Further Declines Expected?
Should Bitcoin fail to overcome the $63,550 resistance, a continued downtrend is likely. Immediate support appears around $62,700. Major support levels include $62,200 and $62,000, with additional declines possibly leading to $61,200 in the short term.
Technical Indicators and Outlook
Indicators show a bearish momentum: the hourly MACD is accelerating in the bearish zone, and the RSI for BTC/USD is below 50.
Key support levels are set at $62,700 and then $62,200. Resistance is notably marked at $63,550 and $64,500.
Conclusion
In summary, Bitcoin’s recent performance highlights its struggle to hold above crucial resistance levels. Without a significant recovery, further declines could very well be on the horizon, pinpointing $61,200 as a possible target. Traders should closely monitor these levels for potential buying or selling opportunities.
