In a startling turn of events, the price of Bitcoin failed to surpass the long-awaited resistance of $66,500. The premier cryptocurrency is once again on a downward trajectory, with predictions hinting at a potential decline below the $64,600 support zone.
Entering a fresh bout of decline from its hotly anticipated resistance level, Bitcoin’s price is now buried below $65,500, already beneath the 100-hour simple moving average. However, the twist in the tale lies in the break below the bullish trend line, famously known for its support at $65,250 on the hourly chart of the BTC/USD pair.
The situation could worsen, and losses may grow if Bitcoin nosedives below the $64,600 and $64,200 support levels. Pessimistic sentiments hover in the air after Bitcoin price faced its uphill battle in the recovery wave above the $65,000 level. Despite valiantly ascending past the $65,500 and $66,200 marks, strong opposition was remarkably present and active around the $66,500 region, ki-boshing Bitcoin’s surge and marking a high at $66,444 before ushering in another decline.
Signs of falter began with the price slipping below the $65,500 and $65,400 support levels. The cryptocurrency plunged below the 50% Fib retracement level of the upward spike from the $64,050 swing low to the $66,444 high. Moreover, marking a significant turning point, Bitcoin saw a break below the formidable bullish trend line with support anchoring at $65,250 on the hourly chart of the BTC/USD pair.
Deepening the cut, Bitcoin tested the chilling waters of the $64,600 support zone and further dipped into the 76.4% Fib retracement level of the upward hike from the $64,050 low to the $66,444 high. The cryptocurrency currently trades below $65,500, lurking beneath the 100 hourly simple moving average.
Despite bleak prospects, if the currency manages to break the surface, resistance at the $65,250 level awaits. Major hurdles include the resistance levels leaping from $65,500 to $66,000. Overcoming these may initiate a steady acceleration, sending the price soaring higher. In such a case, the Bitcoin price might reach the tight defences at $66,500. Potential advancements beyond that might propel BTC toward the $67,500 resistance.
However, all’s not well for Bitcoin. If it remains unable to elevate above the $65,250 resistance zone, a sharp downward spiral could be at hand. Immediate support hovers around the $64,600 level, with significant reinforcements at $64,200. Further backstops seem to manifest around the $64,000 mark. Any additional losses could steer Bitcoin toward uncharted territories, particularly the $63,200 support zone.
The MACD is now accelerating in the bearish zone, while the RSI for BTC/USD has fallen below the 50 mark, indicating a loss of momentum. As it stands, Bitcoin faces major resistance and support levels teetering at $65,250, $66,500 and $64,600, $64,000 respectively.
