Bitcoin Price Slide: Extends Losses Amid Increased Selling Pressure
Bitcoin price extended its losses and traded below the $65,000 level. BTC is showing bearish signs and might extend losses below the $64,600 level.
Bitcoin Price Remains in Bearish Zone
Bitcoin remained in a bearish zone and traded below $65,000. The price is trading below $66,000 and the 100 hourly simple moving average. A connecting trend line is forming with resistance at $67,500 on the hourly chart of the BTC/USD pair. The pair could continue to move down and even trade below the $64,500 support zone.
Bitcoin Price Extends Its Decline
Bitcoin price struggled to recover above the $66,500 resistance zone. BTC remained bearish and began a fresh decline from the $67,256 high. There was a move below the $66,500 level and clear moves below the $65,500 and $65,000 support levels. The price tested $64,600 and formed a low at $64,611, consolidating losses with a minor increase above the $65,000 level.
The price climbed above the 23.6% Fib retracement level of the downward move from the $67,256 swing high to the $64,611 low. Bitcoin is now trading below $66,000 and the 100 hourly simple moving average. There is also a connecting trend line with resistance at $67,500 on the hourly chart of the BTC/USD pair.
Resistance Levels and Potential Gains
On the upside, the price is facing resistance near the $66,000 level or the 50% Fib retracement level of the downward move from the $67,256 swing high to the $64,611 low. The first major resistance could be $66,250, followed by $66,500. A clear move above the $66,500 resistance might start a decent increase and send the price higher. In this case, the price could rise and test the $67,500 resistance. Any further gains might push BTC toward the $68,500 resistance in the near term.
More Losses in BTC?
If Bitcoin fails to climb above the $66,000 resistance zone, it could continue to decline. Immediate support on the downside is near the $65,000 level. The first major support is at $64,600, and the next support is forming near $64,500. Any more losses might send the price toward the $63,200 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 – $65,000, followed by $64,500.
- Major Resistance Levels – $66,000, and $66,500.
