Bitcoin Price Could Struggle And Continue Lower – Here’s Why
Bitcoin price is struggling to recover above the $67,000 zone. BTC could gain bearish momentum if there is a close below the $64,500 level.
Bitcoin is facing many hurdles near the $66,500 and $67,000 levels.
The price is trading below $67,000 and the 100 hourly Simple moving average.
There is a major bearish trend line forming with resistance near $66,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is now at risk of a downside break below the $64,500 support zone.
Bitcoin Price Upsides Remain Capped
Bitcoin price started a consolidation phase after there was a drop toward the $64,500 level. BTC traded as low as $64,572 and recently attempted a minor recovery wave.
There was a move above the $66,000 level. The price climbed above the 23.6% Fib retracement level of the downward wave from the $71,305 swing high to the $64,570 low. However, the bears were active near the $66,600 level.
Bitcoin is now trading below $67,000 and the 100 hourly Simple moving average. There is also a major bearish trend line forming with resistance near $66,400 on the hourly chart of the BTC/USD pair.
Immediate resistance is near the $66,400 level and the trend line. The first major resistance could be $66,600. If there is a clear move above the $66,600 resistance zone, the price could start a fresh increase. In the stated case, the price could rise toward the 50% Fib retracement level of the downward wave from the $71,305 swing high to the $64,570 low at $67,950.
Source: BTCUSD on TradingView.com
The next major resistance is near the $68,750 zone. Any more gains might send Bitcoin toward the $70,000 resistance zone in the near term.
More Losses In BTC?
If Bitcoin fails to rise above the $66,600 resistance zone, it could continue to move down. Immediate support on the downside is near the $65,200 level.
The first major support is $64,600. The next support sits at $64,000. If there is a close below $64,000, the price could start a drop toward the $62,500 level. Any more losses might send the price toward the $60,500 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $65,200, followed by $64,500.
Major Resistance Levels – $66,600, $67,000, and $67,950.
Filed under: Bitcoin - @ April 4, 2024 3:07 am