Bitcoin Price Consolidates Losses But Recovery Could Face Hurdles
03 Abril 2024 - 12:02AM
NEWSBTC
Bitcoin price extended its decline below the $65,000 support zone.
BTC is now consolidating losses and might attempt a recovery wave
toward $67,000. Bitcoin price declined further below the $65,500
and $65,000 levels. The price is trading below $67,500 and the 100
hourly Simple moving average. There is a key bearish trend line
forming with resistance near $67,200 on the hourly chart of the
BTC/USD pair (data feed from Kraken). The pair could recover but
the bears might remain active near $67,000. Bitcoin Price Drops
Further Bitcoin price turned red after it broke the $68,000 support
zone. BTC extended its decline below the $65,500 and $65,000
levels. Finally, it tested the $64,500 region. A low was formed
near $64,572 and the price is now consolidating losses. There was a
move above the $65,000 level. The price even tested the 23.6% Fib
retracement level of the downward move from the $71,306 swing high
to the $64,572 low. Bitcoin is now trading below $67,000 and the
100 hourly Simple moving average. There is also a key bearish trend
line forming with resistance near $67,200 on the hourly chart of
the BTC/USD. Immediate resistance is near the $66,000 level. The
first major resistance could be $67,200 and the trend line. If
there is a clear move above the $67,200 resistance zone, the price
could start a fresh increase. In the stated case, the price could
rise toward the 50% Fib retracement level of the downward move from
the $71,306 swing high to the $64,572 low at $67,950. Source:
BTCUSD on TradingView.com The next major resistance is near the
$68,500 zone. Any more gains might send Bitcoin toward the $70,000
resistance zone in the near term. More Losses In BTC? If Bitcoin
fails to rise above the $67,200 resistance zone, it could continue
to move down. Immediate support on the downside is near the $65,200
level. The first major support is $64,500. The next support sits at
$64,000. If there is a close below $64,000, the price could start a
drop toward the $62,500 level. Any more losses might send the price
toward the $60,500 support zone in the near term. Technical
indicators: Hourly MACD – The MACD is now losing pace in the
bearish zone. Hourly RSI (Relative Strength Index) – The RSI for
BTC/USD is now below the 50 level. Major Support Levels – $65,200,
followed by $64,500. Major Resistance Levels – $66,000, $67,200,
and $67,950.
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