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Bitcoin price is having difficulty surpassing the $65,500 level, causing concern among investors. BTC has recently entered a decline again after a brief recovery, falling below $63,000. Market analysts are warning that this downward trend could persist.
Bitcoin Price Faces Challenges
Currently, Bitcoin is trading below the $64,500 level and also under the 100-hour Simple Moving Average. The hourly chart highlights the presence of a downward trend line formed at the $64,500 resistance. This suggests that the BTC/USD pair could experience further declines in the near future.
If Bitcoin’s daily close happens below the $63,000 support zone, further price drops could occur. However, there is a silver lining for investors. A recovery wave was observed from the $62,750 support area, and BTC briefly managed to rise above the $64,000 and $64,500 resistance levels. Yet, it failed to surpass the $65,500 resistance zone, leading to another price decline.
Currently, Bitcoin’s immediate resistance levels are at $64,500. However, significant resistance awaits at $65,350 or $65,500. If the price can overcome these resistance levels, a move towards higher levels could be observed. Specifically, a clear move above the $66,200 resistance zone could accelerate the price rise and potentially lead to a journey towards the $67,000 level.
BTC’s Loss Scenario Could Bring $60,000 into Play
If Bitcoin cannot surpass the $64,500 resistance area, the cryptocurrency might follow a downward trajectory. Currently, the immediate support point is near $64,000. If a close below $63,750 occurs, the price is anticipated to trend down towards $62,750. In this case, further losses could soon push the price towards the $61,200 support area.
Indicators suggest the current situation is not very promising. The hourly MACD is gaining momentum in the bearish zone, and the hourly RSI is below 50 for BTC/USD.
So, what should investors expect? The main support levels are seen at $64,000 and then $63,750. However, resistance levels should not be overlooked. $64,500, $65,350, and $66,200 are important resistance points to watch for a potential rise.
