The price of Bitcoin has difficulty staying over the $65,000 range. Bitcoin is declining again, and further losses could go below $62,000.
Bitcoin Price Drops Once More
The price of Bitcoin attempted to rise above $64,000 once more. But BTC could not pick up enough speed to move past the $65,000 resistance level. At $64,301, a peak was established, and the market began to drop once more.
A decline below $63,800 was seen. The price fell below the $64,301 high and the $62,408 swing low, which is the 50% Fib retracement level of the upward trend. Right now, the price of bitcoin is below both the 100 hourly Simple Moving Average and $63,200.
Additionally, a significant bearish trend line is emerging on the hourly chart of the Bitcoin/USD pair, with resistance at $63,350. Below the 76.4% Fib retracement level of the upward run from the $62,408 swing low to the $64,301 high, the pair is indicating a bearish bias.
The trend line or the $63,350 mark represent immediate resistance. $64,000 or $64,300 could be the first significant resistance level. Price growth could occur if there is a clean break above the $64,300 resistance level. The current next level of resistance is $65,000.
Price may rise further if there is a definite move above the resistance level of $65,000. The price in the above scenario might increase to $65,500. Next significant barrier is seen around the $66,200 range.
Additional Bitcoin Losses?
Bitcoin may continue to decline if it is unable to break over the resistance level of $63,350. Substantial downside support is located close to the $62,400 mark.
The initial significant funding is $62,000. The price may begin to decline toward $61,200 if there is a closing below $62,000. In the short term, pricing may move toward the $60,000 support zone if there are any more losses.
April 2024, Cryptoniteuae