Bitcoin Price Grinds Lower As Bears Aim For New Monthly Low

Bitcoin worth struggled to settle above the $65,000 zone. BTC is once more shifting decrease and there’s a threat of extra downsides under $62,000.

• Bitcoin began one other decline after it did not surpass the $64,000 resistance zone.
• The worth is buying and selling under $64,500 and the 100 hourly Easy shifting common.
• There’s a key bearish development line forming with resistance at $63,350 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair may speed up decrease if there’s a each day shut under the $62,400 assist zone.

Bitcoin Value Dives Once more

Bitcoin worth tried a recent improve above the $64,000 zone. Nonetheless, BTC failed to achieve tempo for a transfer above the $65,000 resistance zone. A excessive was shaped at $64,301 and the worth began one other decline.

There was a transfer under the $63,800 stage. The worth declined under the 50% Fib retracement stage of the upward transfer from the $62,408 swing low to the $64,301 excessive. Bitcoin is now buying and selling under $63,200 and the 100 hourly Easy shifting common.

There’s additionally a key bearish development line forming with resistance at $63,350 on the hourly chart of the BTC/USD pair. The pair is signalling a bearish bias under the 76.4% Fib retracement stage of the upward transfer from the $62,408 swing low to the $64,301 excessive.

Fast resistance is close to the $63,350 stage or the development line. The primary main resistance may very well be $64,000 or $64,300. A transparent transfer above the $64,300 resistance would possibly ship the worth increased. The following resistance now sits at $65,000.

Supply: BTCUSD on TradingView.com

If there’s a clear transfer above the $65,000 resistance zone, the worth may proceed to maneuver up. Within the said case, the worth may rise towards $65,500. The following main resistance is close to the $66,200 zone. Any extra positive aspects would possibly ship Bitcoin towards the $67,500 resistance zone within the close to time period.

Extra Losses In BTC?

If Bitcoin fails to rise above the $63,350 resistance zone, it may proceed to maneuver down. Fast assist on the draw back is close to the $62,400 stage.

The primary main assist is $62,000. If there’s a shut under $62,000, the worth may begin to drop towards $61,200. Any extra losses would possibly ship the worth towards the $60,000 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 Energy Index) – The RSI for BTC/USD is now under the 50 stage.

Main Help Ranges – $62,400, adopted by $62,000.

Main Resistance Ranges – $63,350, $64,000, and $65,000.

Disclaimer: The article is offered for academic functions solely. It doesn’t signify the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You’re suggested to conduct your personal analysis earlier than making any funding selections. Use data offered on this web site solely at your personal threat.