Bitcoin‘s price has not been able to exceed the $65,500 resistance level in recent days and is now following a lower trajectory. Signs of decline below the $63,500 level have caught the attention of investors. Bitcoin was trading at around $62,400 at the time of writing.
Bitcoin Moves Downward
BTC has started a new downward correction and traded below $63,500. On the hourly chart of the BTC/USD pair, there was a break below a significant rising trend line at the $63,700 support level. This situation brings up the possibility of extending losses and revisiting the $60,000 support area soon.
Bitcoin’s price continued to rise above the $64,500 level. However, it struggled to overcome the $65,500 resistance area and failed to surpass this level. The highest level recorded was $65,550 and the price is currently correcting gains.
Critical Resistances
Currently, Bitcoin is trading below the $63,000 level. A sudden resistance appears near the $63,350 level. The first major resistance could be at $64,000, while the next key resistance points to $65,000.
The main hurdle for Bitcoin is currently at the $65,500 level. If it breaks above this level, the price could tend to rise further. The next resistance is at the $66,650 level. If a close above the $66,650 resistance area occurs, it is anticipated that the price could continue its upward trend. In this scenario, it might be possible for the price to move towards the $68,000 level.
If Critical Resistances Are Not Surpassed, Sub $60,000 Is on the Horizon
If the $63,500 level cannot be surpassed, a continuing downward trend for the cryptocurrency is possible. Currently, an immediate support level is forming around $62,000.
The first major support is at the $61,000 level. If the price closes below $61,000, Bitcoin’s value could enter a downward trend towards the $60,000 level. Further losses could lead the price to the $58,000 support area in the near term.
Technical indicators also serve as an important guide for investors following developments. The hourly MACD is currently gaining momentum in the bearish zone. Similarly, the hourly RSI (Relative Strength Index) for BTC/USD is also trending below the 50 level.
