Bitcoin Price Turns Red And At Risk of More Downsides Below $63K
April 25 2024 - 8:31PM
NEWSBTC
Bitcoin price failed to recover above the $65,500 resistance. BTC
is again moving lower and there is a risk of more downsides below
$63,000. Bitcoin started another decline after it failed to surpass
the $65,500 resistance zone. The price is trading below $64,500 and
the 100 hourly Simple moving average. There is a connecting bearish
trend line forming with resistance at $64,500 on the hourly chart
of the BTC/USD pair (data feed from Kraken). The pair could
accelerate lower if there is a daily close below the $63,000
support zone. Bitcoin Price Faces Hurdles Bitcoin price started a
recovery wave from the $62,750 support zone. BTC was able to climb
above the $64,000 and $64,500 resistance levels. However, the price
failed to clear the $65,500 resistance zone. A high was formed at
$65,300 and the price started another decline. There was a move
below the $64,500 level. The price tested the 50% Fib retracement
level of the recovery wave from the $62,743 swing low to the
$65,300 high. Bitcoin is now trading below $64,500 and the 100
hourly Simple moving average. There is also a connecting bearish
trend line forming with resistance at $64,500 on the hourly chart
of the BTC/USD pair. Immediate resistance is near the $64,500 level
or the trend line. The first major resistance could be $65,350 or
$65,500. A clear move above the $65,500 resistance might send the
price higher. The next resistance now sits at $66,200. Source:
BTCUSD on TradingView.com If there is a clear move above the
$66,200 resistance zone, the price could continue to move up. In
the stated case, the price could rise toward $67,000. The next
major resistance is near the $67,400 zone. Any more gains might
send Bitcoin toward the $68,800 resistance zone in the near term.
More Losses In BTC? If Bitcoin fails to rise above the $64,500
resistance zone, it could continue to move down. Immediate support
on the downside is near the $64,000 level. The first major support
is $63,750 or the 61.8% Fib retracement level of the recovery wave
from the $62,743 swing low to the $65,300 high. If there is a close
below $63,750, the price could start to drop toward $62,750. Any
more losses might send the price toward the $61,200 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 – $64,000, followed by $63,750. Major Resistance
Levels – $64,500, $65,350, and $66,200.
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Apr 2024 to May 2024
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From May 2023 to May 2024