Cryptocurrency markets, especially Bitcoin, have recently turned into a battleground. BTC is fighting a determined battle to overcome the critical resistance level of $68,800. However, the recent activity also highlights the risks below the $65,000 support level. What can be expected for Bitcoin‘s price in the coming period?
Bitcoin Price Encounters Resistance
Bitcoin’s price faces resistance in the $68,000 region for a new increase. However, trading below $68,000 and the 100-hour simple moving average is causing investor anxiety. The descending trend line formed by the resistance at $67,800 on the hourly chart of the BTC/USD pair complicates the current situation.
The volatility of recent days has led to an attempt by BTC to rise above the $65,500 level, but bears became active around $69,000. The price dropping below the $66,000 support zone is increasing concerns.
Bitcoin, the flagship of cryptocurrencies, is currently trading below $66,000, and the retracement levels of the recovery wave are being tested. However, the immediate resistance at $65,000 could be a catalyst in the near term. Uncertainty continues for investors. However, a clear move above the $68,800 resistance zone could push the price above the $70,000 resistance level. More importantly, it could gain new momentum towards the $71,200 level.
Will There Be More Losses for BTC?
The most crucial issue at the moment is the price’s proximity to the critical support point near $65,000. However, the strength of this support point seems to be tested, and if it fails to hold, more losses could be on the horizon for BTC.
So, which levels are critical? The first major support is at $64,550. However, the point we should really focus on is the $64,000 level. If we see a close below this level, we should consider the possibility of a price decline towards $63,500. In the event of further losses, the price could be predicted to journey towards the $62,000 support zone.
Looking at the technical indicators, we observe that the hourly MACD is gaining momentum in the bearish zone. Additionally, the hourly RSI (Relative Strength Index) for BTC/USD is trending below the 50 level. This indicates that the selling pressure continues.
