Bitcoin Price Dips Again: BTC Bears Tighten Grip

Bitcoin value did not climb above the $66,500 resistance. BTC is once more shifting decrease and may decline under the $64,600 assist zone.

• Bitcoin began a recent decline from the $66,500 resistance degree.
• The worth is buying and selling under $65,500 and the 100 hourly Easy shifting common.
• There was a break under a connecting bullish development line with assist at $65,250 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair may prolong losses if there’s a clear transfer under the $64,600 and $64,200 assist ranges.

Bitcoin Worth Faces Rejection

Bitcoin value began a restoration wave above the $65,000 degree. BTC climbed above the $65,500 and $66,200 ranges. Nonetheless, the bears have been lively close to the $66,500 zone. A excessive was fashioned at $66,444 and the worth began one other decline.

There was a transfer under the $65,500 and $65,400 assist ranges. The worth dipped under the 50% Fib retracement degree of the upward transfer from the $64,050 swing low to the $66,444 excessive. Moreover, there was a break under a connecting bullish development line with assist at $65,250 on the hourly chart of the BTC/USD pair

The worth examined the $64,600 assist zone and the 76.4% Fib retracement degree of the upward transfer from the $64,050 swing low to the $66,444 excessive.

Bitcoin is now buying and selling under $65,500 and the 100 hourly Easy shifting common. If there’s one other upward transfer, the worth may face resistance close to the $65,250 degree. The primary main resistance may very well be $65,500. The following key resistance may very well be $66,000.

A transparent transfer above the $66,000 resistance may begin a gentle enhance and ship the worth greater. Within the said case, the worth may rise and check the $66,500 resistance. Any extra positive factors may ship BTC towards the $67,500 resistance within the close to time period.

Extra Downsides In BTC?

If Bitcoin fails to climb above the $65,250 resistance zone, it may proceed to maneuver down. Rapid assist on the draw back is close to the $64,600 degree.

The primary main assist is $64,200. The following assist is now forming close to $64,000. Any extra losses may ship the worth towards the $63,200 assist zone within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bearish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now under the 50 degree.

Main Help Ranges – $64,600, adopted by $64,000.

Main Resistance Ranges – $65,250, and $66,500.