Bitcoin Price Dips Toward Decisive Support As Bears Regain Control
Analysis
Price Impact
HighBitcoin is struggling to maintain support above $66,500 and is trading below key technical levels like the 100 hourly simple moving average. a break below $66,000 could lead to further significant dips.
Trustworthiness
HighThe source explicitly states a 'strict editorial policy that focuses on accuracy, relevance, and impartiality,' 'created by industry experts and meticulously reviewed,' and 'the highest standards in reporting and publishing.'
Price Direction
BearishBtc failed to remain stable above $68,500 and initiated a fresh decline, now struggling below $67,500. while bulls were active near $66,500, a declining channel suggests resistance at $68,850. if $66,500 and $66,000 fail as support, further decline towards $65,000 and even $64,200 is possible.
Time Effect
ShortThe analysis frequently refers to 'near term' price movements and hourly chart indicators, suggesting immediate or very short-term price action.
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 corrected gains and tested the $66,500 support. BTC is now struggling and might decline further below the $65,000 zone. Bitcoin is struggling to recover losses and moving lower below $67,500. The price is trading below $67,500 and the 100 hourly simple moving average. There is a declining channel forming with resistance at $68,850 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might dip again if it trades below the $66,500 and $66,000 levels. Bitcoin Price Dips Further Bitcoin price failed to remain stable above the $68,500 zone. BTC started a fresh decline and traded below the $67,800 support zone . There was a push below $67,200. The price dipped below the 61.8% Fib retracement level of the upward move from the $65,072 swing low to the $70,935 high. However, the bulls remained active near the $66,500 zone. Besides, there is a declining channel forming with resistance at $68,850 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $67,500 and the 100 hourly simple moving average . If the price remains stable above $66,500, it could attempt a fresh increase. Immediate resistance is near the $68,000 level. Source: BTCUSD on TradingView.com The first key resistance is near the $68,850 level. A close above the $68,850 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 $70,000 level. The next barrier for the bulls could be $7`,200 and $72,000. Another Decline In BTC? If Bitcoin fails to rise above the $68,850 resistance zone, it could start another decline. Immediate support is near the $66,500 level or the 76.4% Fib retracement level of the upward move from the $65,072 swing low to the $70,935 high. The first major support is near the $66,000 level. The next support is now near the $65,000 zone. Any more losses might send the price toward the $64,200 support in the near term. The main support now sits at $63,500, below which BTC might struggle to recover in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $66,500, followed by $66,000. Major Resistance Levels – $68,000 and $68,850.