Bitcoin Price Hints at Downside: Preparing for Potential Declines

Bitcoin worth corrected gained from the $66,000 resistance degree. BTC dipped beneath $64,000 and would possibly prolong losses within the brief time period.

• Bitcoin began a contemporary draw back correction from the $66,000 resistance zone.
• The worth is buying and selling beneath $64,500 and the 100 hourly Easy shifting common.
• There was a break beneath a key bullish pattern line with assist at $64,500 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair would possibly acquire bearish momentum if it dives beneath the $62,500 assist zone.

Bitcoin Worth Dips Once more, Can Bulls Defend Extra Losses?

Bitcoin worth failed to increase good points above the $65,500 and $66,000 resistance ranges. BTC began a draw back correction and traded beneath the $65,000 degree.

There was a break beneath a key bullish pattern line with assist at $64,500 on the hourly chart of the BTC/USD pair. The bears pushed the worth beneath the $64,000 degree. A low is fashioned at $63,225 and the worth is consolidating losses.

It’s testing the 23.6% Fib retracement degree of current decline from the $66,026 swing excessive to the $63,225 low. Bitcoin worth is now buying and selling beneath $64,500 and the 100 hourly Easy shifting common. If there’s a contemporary enhance, the worth might face resistance close to the $64,000 degree.

The primary key resistance is close to the $64,650 degree. It’s close to the 50% Fib retracement degree of current decline from the $66,026 swing excessive to the $63,225 low. A transparent transfer above the $64,650 resistance would possibly spark one other enhance within the coming periods.

The following key resistance may very well be $65,500. The following main hurdle sits at $66,000. A detailed above the $66,000 resistance would possibly push the worth additional increased. Within the acknowledged case, the worth might rise and check the $67,200 resistance.

Extra Downsides In BTC?

If Bitcoin fails to climb above the $64,650 resistance zone, it might proceed to maneuver down. Rapid assist on the draw back is close to the $63,250 degree.

The primary main assist is $63,000. The following assist is now close to $62,500. Any extra losses would possibly ship the worth towards the $60,500 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 beneath the 50 degree.

Main Help Ranges – $63,225, adopted by $63,000.

Main Resistance Ranges – $64,650, and $65,500.