Bitcoin Price Grinds Lower As Bears Aim For New Monthly Low
29 Abril 2024 - 12:15AM
NEWSBTC
Bitcoin price struggled to settle above the $65,000 zone. BTC is
again moving lower and there is a risk of more downsides below
$62,000. Bitcoin started another decline after it failed to surpass
the $64,000 resistance zone. The price is trading below $64,500 and
the 100 hourly Simple moving average. There is a key bearish trend
line forming with resistance at $63,350 on the hourly chart of the
BTC/USD pair (data feed from Kraken). The pair could accelerate
lower if there is a daily close below the $62,400 support zone.
Bitcoin Price Dives Again Bitcoin price attempted a fresh increase
above the $64,000 zone. However, BTC failed to gain pace for a move
above the $65,000 resistance zone. A high was formed at $64,301 and
the price started another decline. There was a move below the
$63,800 level. The price declined below the 50% Fib retracement
level of the upward move from the $62,408 swing low to the $64,301
high. Bitcoin is now trading below $63,200 and the 100 hourly
Simple moving average. There is also a key bearish trend line
forming with resistance at $63,350 on the hourly chart of the
BTC/USD pair. The pair is signalling a bearish bias below the 76.4%
Fib retracement level of the upward move from the $62,408 swing low
to the $64,301 high. Immediate resistance is near the $63,350 level
or the trend line. The first major resistance could be $64,000 or
$64,300. A clear move above the $64,300 resistance might send the
price higher. The next resistance now sits at $65,000. Source:
BTCUSD on TradingView.com If there is a clear move above the
$65,000 resistance zone, the price could continue to move up. In
the stated case, the price could rise toward $65,500. The next
major resistance is near the $66,200 zone. Any more gains might
send Bitcoin toward the $67,500 resistance zone in the near term.
More Losses In BTC? If Bitcoin fails to rise above the $63,350
resistance zone, it could continue to move down. Immediate support
on the downside is near the $62,400 level. The first major support
is $62,000. If there is a close below $62,000, the price could
start to drop toward $61,200. Any more losses might send the price
toward the $60,000 support zone in the near term. Technical
indicators: Hourly MACD – The MACD is now gaining pace in the
bearish zone. Hourly RSI (Relative Strength Index) – The RSI for
BTC/USD is now below the 50 level. Major Support Levels – $62,400,
followed by $62,000. Major Resistance Levels – $63,350, $64,000,
and $65,000.
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