Bitcoin Price Analysis: BTC Takes Hit, Can This Support Hold?
Bitcoin price started a fresh decline below the $65,000 level against the US Dollar.
The price is now trading below $65,500 and the 55 simple moving average (4 hours).
There is a key bearish trend line forming with resistance near $64,550 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
The pair could face heavy resistance near the $64,500 zone in the near term.
Bitcoin price is declining below $66,000 against the US Dollar. BTC might extend losses if it stays below the $65,000 resistance zone.
Bitcoin Price Analysis
Bitcoin price started a fresh decline below the $67,000 zone. There was a steady decline below the $66,000 and $65,000 levels to move further in a bearish zone.
The bears even pushed the price below the $63,200 and $62,000 support levels. Finally, the price tested the $61,500 zone. A low is formed near $60,800 and the price is now consolidating losses. It is trading below $66,000 and the 55 simple moving average (4 hours).
There is also a key bearish trend line forming with resistance near $64,550 on the 4-hour chart of the BTC/USD pair. Immediate resistance on the upside is near the $64,250 level and 50% Fib retracement level of the downward move from the $66,928 swing high to the $61,645 low.
The next major resistance might be near the $64,500 zone or the trend line or the 61.8% Fib retracement level of the downward move from the $66,928 swing high to the $61,645 low.
A clear move above the $65,000 level might send the price toward $66,250. The main resistance is now forming near the $67,000 zone, above which the price might rise toward the $68,500 level. Any more gains might push the price toward the $70,000 zone.
If there is no upside break, the price might decline below the $63,000 level. The first major support is near $61,500. The next key support is near the $60,800 level, below which the price might accelerate lower. In the stated case, the price could decline toward the $58,500 level.
Looking at the chart, Bitcoin price is clearly trading below $66,000 and the 55 simple moving average (4 hours). Overall, the price could face heavy resistance near the $64,500 zone in the near term.
Technical Indicators
4 hours MACD – The MACD is now losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.
Key Support Levels – $63,000 and $61,500.
Key Resistance Levels – $64,500, $65,000, and $67,000.
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Filed under: Bitcoin - @ April 17, 2024 3:08 am