The cryptocurrency market, with a particular focus on Bitcoin, has recently been attracting a lot of attention from investors. However, the latest updates suggest that the price of Bitcoin is heading towards a new low for the month. Despite its struggles to stay above the $65,000 mark, the price of Bitcoin has started to decline once again. This has increased the risk of further decline below $62,000.
Current Status of Bitcoin Prices
Upon examining the current state of the cryptocurrency Bitcoin, it is evident that the price has entered a decline after failing to surpass the resistance area at $64,000. Currently, the price is trading below the $64,500 level and the 100-hour Simple Moving Average.
The hourly chart for the BTC/USD pair reveals a significant downtrend line at the $63,350 resistance level. If the daily close occurs below the support area at $62,400, the price could experience further decline.
Key Levels to Monitor for Bitcoin
Bitcoin’s price made an attempt to rise above the $64,000 region but was unsuccessful in surpassing the resistance area at $65,000. The highest recorded level was $64,301, after which the price fell below the $62,500 mark.
Immediate resistance for the BTC/USD pair is positioned near the $63,350 level or the trend line. However, if the price manages to surpass major resistances at $64,000 or $64,300, it is possible for the price to continue rising. In such a scenario, a clear move above the resistance area at $65,000 could further propel the price upwards.
Decline Causes Concern Among Investors
The recent downward trend in the price of Bitcoin, the leading cryptocurrency, has caused anxiety among investors. As a result, if Bitcoin fails to rise above the resistance area at $63,350, it may continue its downward trajectory.
Currently, the most crucial support level is around $62,400. However, if the price falls below this level, the $62,000 mark will become significant. Breaching this level could lead to a further decline towards $61,200. Consequently, a move towards the support area at $60,000 may be observed in the near future.
Technical analysis indicates that the hourly MACD is gaining momentum in the bearish zone. Similarly, the hourly RSI (Relative Strength Index) for BTC/USD is also trending below the 50 level. The main support levels are identified at $62,400 and $62,000.
Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be mindful of the high volatility and associated risks of cryptocurrencies and conduct their own research.
