Bitcoin Price Sinks to New Weekly Low, Bulls Lose Key Support
Analysis
Price Impact
HighBitcoin has broken key support levels and is consolidating losses, indicating a potential for further downward movement if current support fails.
Trustworthiness
HighThe news is backed by a strict editorial policy, expert review, and detailed technical analysis, providing a reliable assessment of the situation.
Price Direction
BearishThe price failed to stay above $66,000, traded below $65,500 and the 100 hourly sma, and is forming a bearish trend line. technical indicators like macd and rsi are also in bearish territory.
Time Effect
ShortThe article focuses on immediate support and resistance levels and potential moves in the near term, suggesting a short-term impact.
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 $66,000 and dipped further. BTC is now consolidating losses and might struggle to recover above $66,000. Bitcoin started a fresh decline and traded below the $66,000 support. The price is trading below $65,500 and the 100 hourly simple moving average. There is a bearish trend line forming with resistance at $66,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might dip again if it trades below the $63,500 and $63,200 levels. Bitcoin Price Breaks Key Support Bitcoin price failed to remain stable above the $66,500 zone. BTC started a fresh decline and traded below the $66,000 support zone. There was a push below $65,000. The price even spiked below $64,000. A low was formed at $63,351, and the price is now correcting some losses. There was a move above $64,000, but the price is still well below the 23.6% Fib retracement level of the recent decline from the $68,652 swing high to the $63,351 low. Bitcoin is now trading below $66,000 and the 100 hourly simple moving average . If the price remains stable above $64,000, it could attempt a fresh increase. Immediate resistance is near the $64,600 level. The first key resistance is near the $65,250 level. A close above the $65,250 resistance might send the price further higher. In the stated case, the price could rise and test the $66,000 resistance or the 50% Fib retracement level of the recent decline from the $68,652 swing high to the $63,351 low. Source: BTCUSD on TradingView.com Any more gains might send the price toward the $66,800 level. There is also a bearish trend line forming with resistance at $66,800 on the hourly chart of the BTC/USD pair. The next barrier for the bulls could be $67,500 and $67,700. Another Decline In BTC? If Bitcoin fails to rise above the $65,250 resistance zone, it could start another decline. Immediate support is near the $64,000 level. The first major support is near the $63,500 level. The next support is now near the $63,200 zone. Any more losses might send the price toward the $62,650 support in the near term. The main support now sits at $62,000, 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 – $64,000, followed by $63,500. Major Resistance Levels – $65,000 and $66,000.