Bitcoin price failed to recover above the USD 65,500 resistance. BTC is heading lower again and there is a risk of more downside below $63,000.
- Bitcoin started falling again after failing to cross the USD 65,500 resistance zone.
- The price is trading below $64,500 and the 100 hourly Simple Moving Average.
- A connecting bearish trendline is forming with resistance at $64,500 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 $63,000 support zone.
Bitcoin price faces hurdles
Bitcoin price started a recovery wave from the USD 62,750 support zone. BTC was able to climb above the USD 64,000 and USD 64,500 resistance levels. However, the price failed to break the USD 65,500 resistance zone.
A high was reached at $65,300 and the price started falling again. There was a move below the USD 64,500 level. The price tested the 50% Fib retracement level of the recovery wave from the $62,743 swing low to the $65,300 high.
Bitcoin is now trading below $64,500 and the 100 hourly Simple Moving Average. A connecting bearish trendline is also forming with resistance at $64,500 on the hourly chart of the BTC/USD pair.
Immediate resistance is near the $64,500 level or trendline. The first major resistance could be at $65,350 or $65,500. A clear move above the USD 65,500 resistance could push the price higher. The next resistance is now at $66,200.
Source: BTCUSD on TradingView.com
If there is a clear move above the USD 66,200 resistance zone, the price could continue to rise. In the mentioned case, the price could increase to $67,000. The next major resistance is near the $67,400 zone. Any further gains could send Bitcoin towards the $68,800 resistance zone in the short term.
Lose more in BTC?
If Bitcoin fails to rise above the $64,500 resistance zone, the price may continue to decline. The immediate downside support is near the $64,000 level.
The first major support is $63,750 or the 61.8% Fib retracement level of the recovery wave from the $62,743 swing low to the $65,300 high. If there is a close below $63,750, the price may start falling towards $62,750. Any further losses could send the price towards the $61,200 support zone in the near 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 64,000, followed by USD 63,750.
Major resistance levels – $64,500, $65,350 and $66,200.
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