Bitcoin price has recently failed to break the $67,000 resistance, drawing significant attention from the cryptocurrency market. Currently, BTC is struggling to maintain above the $64,000 support zone, but the struggle continues. Particularly, the recent price fluctuations of Bitcoin are noteworthy for those following the cryptocurrency.
Bitcoin in a Heated Battle
When examining the four-hour chart of the BTC/USD pair, there is a break below an important rising trend line at the $66,200 support level. This indicates that some bears are active in the market. However, the possibility of moving to a higher level should not be ignored. Indeed, the influence of bears around $65,500 may continue.
With Bitcoin’s price experiencing another decline, it is struggling to overcome the resistance levels of $67,000 and $67,200. A short-term peak formation led to BTC dropping below $66,000. Following this drop, the price fell below the $65,500 support level and experienced a break below the $66,200 support and an important rising trend line.
Bitcoin Price Below This Level
Currently, the Bitcoin price is trading below $65,500 and the 100-hour Simple Moving Average. However, the presence of immediate resistances like the $64,500 level should be considered. If these levels are surpassed, some recovery in the price could be expected.
If the price rises again, the 50% Fibonacci retracement level down to $65,350 or $67,195 is of great importance. Surpassing these levels could lead to the price advancing towards the $67,000 and even $68,800 resistance areas.
Bitcoin’s Downtrend Could Accelerate
If Bitcoin (BTC) cannot rise above the $65,350 resistance level, it could follow a further downward trajectory. Cryptocurrency analysts note that BTC is at a critical point and the urgent support level is around $63,500.
BTC‘s downward trend is worryingly accelerating. Currently, the first major support point is seen at $62,600. However, if prices close below this level, the next target is thought to be $61,200. In this case, further losses could bring the price down to the $60,000 support area in the short term.
Technical indicators also support the downtrend. The 4-hour MACD is losing momentum in the bearish zone. Similarly, the hourly RSI (Relative Strength Index) for BTC/USD is also below the 50 level, indicating increased selling pressure.
