The cryptocurrency market, particularly the performance of Bitcoin, has been capturing the attention of investors in recent days. However, the latest updates indicate that Bitcoin’s price is heading towards a new monthly low. Despite recent struggles to maintain a position above the $65,000 mark, the price has started to decline once again, raising the possibility of a further drop below $62,000.
Current State of Bitcoin Prices
An examination of the current state of the cryptocurrency Bitcoin reveals that after failing to break through the resistance area at $64,000, the price has entered into another decline. Currently, the price is trading below the $64,500 level and the 100-hour Simple Moving Average.
The hourly chart of the BTC/USD pair highlights a significant downtrend line at the $63,350 resistance level. If the daily closing price falls below the $62,400 support area, there is a potential for further decline.
Key Levels to Watch for Bitcoin
Bitcoin’s price made an attempt to rise above the $64,000 region but was unsuccessful in surpassing the resistance area at $65,000. The highest recorded level was $64,301, after which the price experienced a drop below the $62,500 level.
Immediate resistance in the BTC/USD pair is located near the $63,350 level or the trend line. However, if the price manages to surpass major resistances at $64,000 or $64,300, it could indicate a potential increase in price. In such a scenario, a clear move above the resistance area at $65,000 could continue to drive the price upwards.
Decline Causes Investor Anxiety
The recent downward trend in the price of Bitcoin, the leading cryptocurrency, has led to investor anxiety. Bitcoin’s inability to rise above the resistance area at $63,350 may result in a continued downward trajectory.
Currently, the most critical support level is around $62,400. However, if the price falls below this level, the $62,000 level will become significant. If this level is breached, it is expected that the price will further decline to around $61,200. In the near term, this could lead to a move towards the support area at $60,000.
Technical analyses indicate 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 identified at $62,400 and then $62,000.
Disclaimer:
The information provided in this article should not be considered as investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
