Bitcoin price started another decline after struggling near $64,550. BTC declined below the $63,500 support and may continue to decline.
- Bitcoin started a new low from the resistance level of $64,550.
- The price is trading below $63,500 and the hourly moving average is 100.
- There is a bearish connecting trend line forming with resistance at $63,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair can extend losses if there is a clear move below the $62,700 and $62,500 support levels.
Bitcoin Price Continues to Drop
Bitcoin price failed to recover above the $65,000 level. BTC struggled near $64,550 and started to decline further. There was a further decline below the $64,000 and $63,500 levels.
The price even dropped below the $63,000 level. A low was formed at $62,700 and the price is now covering losses. There is also a bearish connecting line forming with resistance at $63,600 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading below $63,500 and the 100 hourly moving average. If there is a wave of recovery, the price may face resistance near the $63,550 level and the 23.6% Fib retracement level to the downside from the $66,444 swing high to the $62,700 low.
The first major resistance would be $64,000. The next key resistance would be $64,500 or the 50% Fib retracement level to the downside from the $66,444 swing high to $62,700 low.
A clear move above the $64,500 resistance could start a further uptrend and send the price higher. In the mentioned case, the price can rise and test the resistance of $ 65,500. Any further gains could send BTC to the $66,200 resistance in the near term.
More Drops in BTC?
If Bitcoin fails to rise above the $63,550 resistance area, it could continue to decline. Immediate support on the downside is near the $62,700 level.
The initial maximum support is $62,200. The next support is now around $62,000. Another loss could send the price to the $61,200 support area in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining momentum in bearish territory.
Hourly RSI (Relative Strength Index) – RSI for BTC/USD is now below the 50 level.
Major Support Levels – $62,700, followed by $62,200.
High Resistance Levels – $63,550, and $64,500.
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