- 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.
The cost of Bitcoin is dropping below $66,000 versus the U.S. dollar. If Bitcoin fails to surpass the resistance area at $65,000, it could continue to lose value.
Bitcoin Price Analysis
The price of Bitcoin took a downturn and dropped below the $67,000 mark. It continued to slide downwards, dipping beneath the $66,000 and $65,000 thresholds, signaling a more pessimistic trend.
The bears managed to drive the price down past the $63,200 and $62,000 support points. Eventually, the price touched the $61,500 area. A new low was established around $60,800, and the price is currently regrouping. It now trades below $66,000 and the 4-hour Simple Moving Average (SMA).
An additional bearish trend line is taking shape on the BTC/USD chart’s 4-hour timeframe, with a resistance point around $64,550. The immediate resistance level for any potential upward movement lies at approximately $64,250 and coincides with the 50% Fibonacci retracement mark of the price drop from the peak of $66,928 to the trough of $61,645.
An approaching significant resistance could lie around the $64,500 mark, the trendline, or the 61.8% point of retracement in the bearish price action between the $66,928 peak and the $61,645 trough.
Moving past the $65,000 mark could take the price up to around $66,250. The primary hurdle for further growth is currently located near $67,000. If the price manages to overcome this obstacle, it may head towards $68,500. Any additional advancements might lead the price to the $70,000 region.
If the price doesn’t rise above $63,000, it may drop down to around $61,500. This is the first significant support level. The next important support is at approximately $60,800. If the price falls below this point, it could lead to a faster decline, potentially reaching around $58,500.
Glancing at the graph, the Bitcoin price is noticeably lower than $66,000 and the 4-hour Simple Moving Average (SMA) of $65,500. In the short term, the price may encounter significant resistance around the $64,500 mark.
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.
Read More
- WLD PREDICTION. WLD cryptocurrency
- BTC EUR PREDICTION. BTC cryptocurrency
- ZBC/USD
- Top gainers and losers
- MEME PREDICTION. MEME cryptocurrency
- PRISMA PREDICTION. PRISMA cryptocurrency
- PRMX PREDICTION. PRMX cryptocurrency
- AGLD PREDICTION. AGLD cryptocurrency
- Brent Oil Forecast
- Bitcoin Likely to Drop After the Halving, JPMorgan Says
2024-04-17 06:17