In recent days, the cryptocurrency market, especially the performance of Bitcoin, continues to draw investor attention. However, the latest updates indicate that Bitcoin‘s price is targeting a new monthly low. Although Bitcoin has recently struggled to stay above the $65,000 region, the price has started to fall again. Now, there is a greater risk of a further decline below $62,000.
Current State of Bitcoin Prices
Examining the current situation of the cryptocurrency Bitcoin, it is observed that after failing to surpass the $64,000 resistance area, the price entered another decline. Currently, the price is trading below the $64,500 level and the 100-hour Simple Moving Average.
BTC/USD pair’s hourly chart highlights a significant downtrend line set at $63,350 resistance. If the daily close occurs below the $62,400 support area, the price could decline further.
Key Levels to Watch for Bitcoin
Bitcoin’s price attempted to rise above the $64,000 region but failed to surpass the $65,000 resistance area. The highest level recorded was $64,301, while the price again experienced a drop, falling below the $62,500 level.
Immediate resistance in the BTC/USD pair is positioned near the $63,350 level or the trend line. However, an increase in price could be expected if it surpasses major resistances at $64,000 or $64,300. In this case, a clear move above the $65,000 resistance area could continue to push the price upwards.
Decline Causes Investor Anxiety
The recent downward trend in the price of Bitcoin, the flagship of cryptocurrencies, is causing investor anxiety. Accordingly, Bitcoin, unable to rise above the $63,350 resistance area, may continue to follow a downward trajectory.
Currently, the most urgent support level is around $62,400. However, if prices fall below this level, the $62,000 level will become significant. If this level is breached, a further decline to around $61,200 can be expected. In this scenario, a move towards the $60,000 support area could be seen in the near term.
Technical analyses show that the hourly MACD is gaining momentum in the bearish zone. Similarly, the hourly RSI (Relative Strength Index) for BTC/USD is also trending below the 50 level. The main support levels are determined at $62,400 and then $62,000.
