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Bitcoin Price Sinks to New Weekly Low, Bulls Lose Key Support

Bitcoin value failed to keep above $66,000 and dipped additional. BTC is now consolidating losses and would possibly wrestle to get better above $66,000.

  • Bitcoin began a recent decline and traded beneath the $66,000 help.
  • The value is buying and selling beneath $65,500 and the 100 hourly easy transferring common.
  • There is a bearish development line forming with resistance at $66,800 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair would possibly dip once more if it trades beneath the $63,500 and $63,200 ranges.

Bitcoin Price Breaks Key Support

Bitcoin value failed to remain stable above the $66,500 zone. BTC began a recent decline and traded beneath the $66,000 help zone. There was a push beneath $65,000.

The value even spiked beneath $64,000. A low was fashioned at $63,351, and the worth is now correcting some losses. There was a transfer above $64,000, however the value remains to be effectively beneath the 23.6% Fib retracement degree of the current decline from the $68,652 swing high to the $63,351 low.

Bitcoin is now buying and selling beneath $66,000 and the 100 hourly simple moving average. If the worth stays secure above $64,000, it might try a recent improve. Immediate resistance is close to the $64,600 degree.

The first key resistance is close to the $65,250 degree. An in depth above the $65,250 resistance would possibly ship the worth additional greater. In the acknowledged case, the worth might rise and check the $66,000 resistance or the 50% Fib retracement degree of the current decline from the $68,652 swing high to the $63,351 low.

Any extra positive factors would possibly ship the worth towards the $66,800 degree. There can be a bearish development line forming with resistance at $66,800 on the hourly chart of the BTC/USD pair. The subsequent barrier for the bulls may very well be $67,500 and $67,700.

Another Decline In BTC?

If Bitcoin fails to rise above the $65,250 resistance zone, it might begin one other decline. Immediate help is close to the $64,000 degree. The first main help is close to the $63,500 degree.

The subsequent help is now close to the $63,200 zone. Any extra losses would possibly ship the worth towards the $62,650 help within the close to time period. The fundamental help now sits at $62,000, beneath which BTC would possibly wrestle to get better 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 beneath the 50 degree.

Major Support Levels – $64,000, adopted by $63,500.

Major Resistance Levels – $65,000 and $66,000.

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