Bitcoin’s price has been unable to break through the resistance level of $65,500 in recent days and is now on a downward trajectory. Investors are taking note of the signs of decline below the $63,500 level. At the time of writing, Bitcoin was trading at around $62,400.
Bitcoin has started a new downward correction and has fallen below $63,500. On the hourly chart of the BTC/USD pair, a significant rising trend line at the $63,700 support level was broken. This suggests that losses may continue and the price could revisit the $60,000 support area soon.
Although Bitcoin’s price briefly rose above the $64,500 level, it struggled to surpass the $65,500 resistance area. The highest level reached was $65,550 and the price is currently correcting its gains.
Currently, Bitcoin is trading below the $63,000 level, with a resistance forming near the $63,350 level. The first major resistance is expected at $64,000, followed by key resistance at $65,000. The main obstacle for Bitcoin is currently at the $65,500 level. If this level is broken, the price could continue to rise, with the next resistance at $66,650. A close above the $66,650 resistance area could indicate a further upward trend, possibly pushing the price towards $68,000.
If the critical resistances cannot be surpassed, a downward trend for Bitcoin is possible. Currently, there is immediate support forming around $62,000, with the first major support at $61,000. If the price closes below $61,000, Bitcoin’s value could enter a downward trend towards the $60,000 level. Further losses could lead to the $58,000 support area in the near term.
Technical indicators are also important for investors to consider. The hourly MACD is currently showing bearish momentum, while the hourly RSI for BTC/USD is trending below the 50 level.
Investors should be aware that the information provided in this article does not constitute investment advice. Cryptocurrencies are highly volatile and carry risks, so investors should conduct their own research.
