|

Bitcoin Price Bleeds Lower With $65K Becoming The Battleground

Bitcoin value failed to remain above $70,000 and began one other decline. BTC is now buying and selling under $68,800 and may prolong losses within the close to time period.

  • Bitcoin is slowly transferring decrease under $68,800 and $68,000.
  • The value is buying and selling under $68,000 and the 100 hourly easy transferring common.
  • There is a bearish development line forming with resistance at $68,200 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair may dip once more if it trades under the $66,500 and $65,000 ranges.

Bitcoin Price Dips Again

Bitcoin value failed to stay secure above the $70,000 zone. BTC began a recent decline and traded under the $68,800 support zone. There was a push under $68,000.

The value dipped under the 50% Fib retracement degree of the upward transfer from the $60,500 swing low to the $72,256 high. There can be a bearish development line forming with resistance at $68,200 on the hourly chart of the BTC/USD pair.

Bitcoin is now buying and selling under $68,000 and the 100 hourly simple moving average. If the worth stays secure above $65,000, it may try a recent improve. Immediate resistance is close to the $68,200 degree and the development line.

The first key resistance is close to the $69,000 degree. A detailed above the $69,000 resistance may ship the worth additional larger. In the said case, the worth may rise and check the $70,000 resistance. Any extra beneficial properties may ship the worth towards the $71,500 degree. The subsequent barrier for the bulls might be $72,000 and $72,500.

More Losses In BTC?

If Bitcoin fails to rise above the $69,000 resistance zone, it may begin one other decline. Immediate assist is close to the $66,000 degree. The first main assist is close to the $65,000 degree or the 61.8% Fib retracement degree of the upward transfer from the $60,500 swing low to the $72,256 high.

The subsequent assist is now close to the $63,500 zone. Any extra losses may ship the worth towards the $62,000 assist within the close to time period. The predominant assist now sits at $61,200, under which BTC may wrestle to get well within the close to time period.

Technical indicators:

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

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

Major Support Levels – $66,000, adopted by $65,000.

Major Resistance Levels – $69,000 and $70,000.

Similar Posts