Bitcoin price struggled to break above the $65,000 zone. BTC is heading lower again and there is a risk of more downside below $62,000.
- Bitcoin started falling again after failing to cross the USD 64,000 resistance zone.
- The price is trading below $64,500 and the 100 hourly Simple Moving Average.
- A major bearish trendline is forming with resistance at $63,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could accelerate lower if there is a daily close below the $62,400 support zone.
Bitcoin Price Plunges Again
Bitcoin price tried to rise above the $64,000 zone again. However, BTC failed to pace a move above the USD 65,000 resistance zone. A high was reached at $64,301 and the price started falling again.
There was a move below the USD 63,800 level. The price fell below the 50% Fib retracement level of the upward move from the $62,408 swing low to the $64,301 high. Bitcoin is now trading below $63,200 and the 100 hourly Simple Moving Average.
There is also a major bearish trendline forming with resistance at $63,350 on the hourly chart of the BTC/USD pair. The pair signals a bearish bias below the 76.4% Fib retracement level of the upward move from the $62,408 swing low to the $64,301 high.
Immediate resistance is near the $63,350 level or trendline. The first major resistance could be at $64,000 or $64,300. A clear move above the USD 64,300 resistance could push the price higher. The next resistance is now at $65,000.
Source: BTCUSD on TradingView.com
If there is a clear move above the USD 65,000 resistance zone, the price may continue to rise. In the mentioned case, the price could rise to $65,500. The next major resistance is near the $66,200 zone. Any further gains could send Bitcoin towards the $67,500 resistance zone in the short term.
Lose more in BTC?
If Bitcoin fails to rise above the USD 63,350 resistance zone, it could continue to decline. The immediate downside support is near the $62,400 level.
The first major support is $62,000. If there is a close below $62,000, the price could start falling towards $61,200. Any further losses could send the price towards the $60,000 support zone in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – USD 62,400, followed by USD 62,000.
Major resistance levels – $63,350, $64,000 and $65,000.
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