Bitcoin Price Dips Again, Is This A Fresh Bearish Signal?

Bitcoin price failed to clear the $65,500 resistance. BTC is now moving lower and there are a few bearish signs emerging below the $63,500 level.

• Bitcoin started a fresh downside correction and traded below $63,500.
• The price is trading below $63,350 and the 100 hourly Simple moving average.
• There was a break below a major bullish trend line with support at $63,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could extend losses and revisit the $60,000 support zone in the near term.

Bitcoin Price Rejects $65,500

Bitcoin price extended its increase above the $64,500 level. However, BTC struggled to clear the $65,500 resistance zone. A high was formed at $65,550 and the price is now correcting gains.

There was a move below the $64,000 level. The price declined below the 23.6% Fib retracement level of the upward wave from the $56,380 swing low to the $65,550 high. Besides, there was a break below a major bullish trend line with support at $63,700 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading below $63,500 and the 100 hourly Simple moving average. Immediate resistance is near the $63,350 level. The first major resistance could be $64,000. The next key resistance could be $65,000.

Source: BTCUSD on TradingView.com

The main hurdle is now at $65,500. A clear move above the $65,500 resistance might send the price higher. The next resistance now sits at $66,650. If there is a close above the $66,650 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $68,000.

More Losses In BTC?

If Bitcoin fails to climb above the $63,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $62,000 level.

The first major support is $61,000 or the 50% Fib retracement level of the upward wave from the $56,380 swing low to the $65,550 high. If there is a close below $61,000, the price could start to drop toward $60,000. Any more losses might send the price toward the $58,000 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

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

Major Support Levels – $62,000, followed by $60,000.

Major Resistance Levels – $63,500, $64,000, and $65,500.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source