Bitcoin Price Bleeds Lower With $65K Becoming The Battleground
Analysis
Price Impact
HighBitcoin has failed to hold above $68,800 and is now trading below $67,000 and the 100 hourly simple moving average. key support levels have been breached, and technical indicators (macd and rsi) are showing bearish momentum, indicating potential for further significant declines towards $65,000 and possibly $62,750.
Trustworthiness
HighThe source adheres to a strict editorial policy, focusing on accuracy, relevance, and impartiality. content is created by industry experts, meticulously reviewed, and maintains the highest standards in reporting and publishing.
Price Direction
BearishThe price action is consistently moving lower, breaking below critical support levels ($68,000, $67,000, $65,500) and forming a bearish trend line. technical indicators (macd gaining pace in the bearish zone, rsi below 50) reinforce the likelihood of further downward movement if btc fails to reclaim resistance levels at $67,500 and $68,000.
Time Effect
ShortThe analysis frequently uses terms like 'in the near term' and focuses on hourly chart data, indicating an immediate to short-term outlook on price movements.
Original Article:
Article Content:
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Bitcoin price failed to stay above $68,800 and started another decline. BTC is now trading below $67,500 and might extend losses in the near term. Bitcoin is slowly moving lower below $68,000 and $67,500. The price is trading below $67,000 and the 100 hourly simple moving average. There is a bearish trend line forming with resistance at $67,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might dip again if it trades below the $66,000 and $65,000 levels. Bitcoin Price Dips Further Bitcoin price failed to remain stable above the $68,800 zone . BTC started a fresh decline and traded below the $68,000 support zone. There was a push below $67,000. The price dipped below the 50% Fib retracement level of the upward move from the $60,500 swing low to the $72,255 high. The bears even pushed the price below $65,500. Besides, there is a bearish trend line forming with resistance at $67,500 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $67,000 and the 100 hourly simple moving average . If the price remains stable above $65,000, it could attempt a fresh increase. Immediate resistance is near the $67,500 level and the trend line. Source: BTCUSD on TradingView.com The first key resistance is near the $68,000 level. A close above the $68,000 resistance might send the price further higher. In the stated case, the price could rise and test the $69,200 resistance. Any more gains might send the price toward the $70,500 level. The next barrier for the bulls could be $72,000 and $72,500. More Losses In BTC? If Bitcoin fails to rise above the $68,000 resistance zone, it could start another decline. Immediate support is near the $65,500 level. The first major support is near the $65,000 level or the 61.8% Fib retracement level of the upward move from the $60,500 swing low to the $72,255 high. The next support is now near the $62,750 zone. Any more losses might send the price toward the $61,200 support in the near term. The main support now sits at $60,500, below which BTC might struggle to recover 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 – $66,000, followed by $65,000. Major Resistance Levels – $67,500 and $68,000.