Bitcoin’s price has been unable to break through the resistance level of $65,500 in recent days and is now moving in a downward trajectory. The decline below the $63,500 level has caught the attention of investors, with Bitcoin currently trading at around $62,400.
Bitcoin is experiencing a downward correction, falling below the $63,500 mark. On the BTC/USD hourly chart, a significant rising trend line at the $63,700 support level has been broken, indicating the possibility of further losses and a potential revisit to the $60,000 support area.
Although Bitcoin’s price briefly rose above $64,500, it struggled to overcome the resistance area of $65,500 and failed to surpass this level. The highest recorded level was $65,550, and the price is currently undergoing a correction.
At present, Bitcoin is trading below the $63,000 level, with a resistance forming near $63,350. The first major resistance lies at $64,000, followed by another key resistance at $65,000. The main hurdle for Bitcoin is currently at the $65,500 level. If this level is broken, the price could potentially rise further, with the next resistance at $66,650. A close above this resistance area could indicate a continuation of the upward trend, possibly pushing the price towards $68,000.
However, if the critical resistances cannot be surpassed, there is a possibility of a downward trend for Bitcoin. Currently, there is immediate support forming around $62,000, with the first major support at $61,000. If the price closes below $61,000, Bitcoin’s value could enter a downward trend towards the $60,000 level. Further losses could even lead to the $58,000 support area in the near future.
Technical indicators, such as the hourly MACD and the hourly RSI for BTC/USD, are also suggesting a bearish trend. The MACD is gaining momentum in the bearish zone, while the RSI is trending below the 50 level.
Investors should keep these developments in mind and conduct their own research, as cryptocurrencies are highly volatile and carry inherent risks. This article does not constitute investment advice. For the latest news, you can follow us on Telegram, Facebook, Twitter, and Coinmarketcap.
