Bitcoin Price Turns Red And At Risk of More Downsides Below $63K

Bitcoin price failed to recover above the $65,500 resistance. BTC is again moving lower and there is a risk of more downsides below $63,000.

• Bitcoin started another decline after it failed to surpass the $65,500 resistance zone.
• The price is trading below $64,500 and the 100 hourly Simple moving average.
• There is a connecting bearish trend line forming with resistance at $64,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could accelerate lower if there is a daily close below the $63,000 support zone.

Bitcoin Price Faces Hurdles

Bitcoin price started a recovery wave from the $62,750 support zone. BTC was able to climb above the $64,000 and $64,500 resistance levels. However, the price failed to clear the $65,500 resistance zone.

A high was formed at $65,300 and the price started another decline. There was a move below the $64,500 level. The price tested the 50% Fib retracement level of the recovery wave from the $62,743 swing low to the $65,300 high.

Bitcoin is now trading below $64,500 and the 100 hourly Simple moving average. There is also a connecting bearish trend line forming with resistance at $64,500 on the hourly chart of the BTC/USD pair.

Immediate resistance is near the $64,500 level or the trend line. The first major resistance could be $65,350 or $65,500. A clear move above the $65,500 resistance might send the price higher. The next resistance now sits at $66,200.

Source: BTCUSD on TradingView.com

If there is a clear move above the $66,200 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $67,000. The next major resistance is near the $67,400 zone. Any more gains might send Bitcoin toward the $68,800 resistance zone in the near term.

More Losses In BTC?

If Bitcoin fails to rise above the $64,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $64,000 level.

The first major support is $63,750 or the 61.8% Fib retracement level of the recovery wave from the $62,743 swing low to the $65,300 high. If there is a close below $63,750, the price could start to drop toward $62,750. Any more losses might send the price toward the $61,200 support zone 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 $63,750.

Major Resistance Levels – $64,500, $65,350, and $66,200.

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