Bitcoin Price Slide: Extends Losses Amid Increased Selling Pressure

Share This Post

Bitcoin price extended its losses and traded below the $65,000 level. BTC is showing bearish signs and might extend losses below the $64,600 level.

  • Bitcoin remained in a bearish zone and traded below $65,000.
  • The price is trading below $66,000 and the 100 hourly Simple moving average.
  • There is a connecting trend line forming with resistance at $67,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to move down and even trade below the $64,500 support zone.

Bitcoin Price Extends Its Decline

Bitcoin price struggled to recover above the $66,500 resistance zone. BTC remained in a bearish zone and started a fresh decline from the $67,256 high. There was a move below the $66,500 level.

There was a clear move below the $65,500 and $65,000 support levels. Finally, the price tested $64,600. A low was formed at $64,611 and the price is now consolidating losses. There was a minor increase above the $65,000 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $67,256 swing high to the $64,611 low.

Bitcoin is now trading below $66,000 and the 100 hourly Simple moving average. There is also a connecting trend line forming with resistance at $67,500 on the hourly chart of the BTC/USD pair.

On the upside, the price is facing resistance near the $66,000 level or the 50% Fib retracement level of the downward move from the $67,256 swing high to the $64,611 low. The first major resistance could be $66,250. The next key resistance could be $66,500.

Bitcoin Price

A clear move above the $66,500 resistance might start a decent increase and send the price higher. In the stated case, the price could rise and test the $67,500 resistance. Any more gains might send BTC toward the $68,500 resistance in the near term.

More Losses In BTC?

If Bitcoin fails to climb above the $66,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $65,000 level.

The first major support is $64,600. The next support is now forming near $64,500. Any more losses might send the price toward the $63,200 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 – $65,000, followed by $64,500.

Major Resistance Levels – $66,000, and $66,500.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

The Best Crypto to Buy as Bitcoin DeFi is Projected to Unlock Billions in BTC

Now is the perfect time to look for the best crypto to buy, as unleashing Bitcoin into the DeFi protocol could add billions to BTC’s liquidity pool A recent report from Moulik Nagesh of Binance

POPCAT, PNUT, And PENGU Price Prediction After Robinhood Listing Hype

The post POPCAT, PNUT, And PENGU Price Prediction After Robinhood Listing Hype appeared first on Coinpedia Fintech News Key Highlights Meme coins – POPCAT, PNUT, and PENGU gained momentum after

Pi Network Faces Pressure as KYC Deadline Closes In, Whales Pick Up Web3 Mobile Competitor Trading at $0.0045

The post Pi Network Faces Pressure as KYC Deadline Closes In, Whales Pick Up Web3 Mobile Competitor Trading at $00045 appeared first on Coinpedia Fintech News Pi Network (PI) has become a household

Near Protocol Price Prediction 2025, 2026 – 2030: NEAR Price To Record 2X Surge?

The post Near Protocol Price Prediction 2025, 2026 – 2030: NEAR Price To Record 2X Surge appeared first on Coinpedia Fintech News Story Highlights The live price of the Near Protocol token is

XRP Price Prediction: Can XRP Grasp $5 as Democrats Try to Stop Crypto Reserve Plan

The post XRP Price Prediction: Can XRP Grasp $5 as Democrats Try to Stop Crypto Reserve Plan appeared first on Coinpedia Fintech News With bullish signals flashing and traders eyeing a potential push

Best New Crypto to Buy as Trump Plans Binance Investment and Turns Bitcoin Maximalist

Changpeng Zhao isn’t exactly the stereotypical criminal But the Binance founder did plea guilty, back in 2023, to violating anti-money-laundering (AML) laws And as such, he is a convicted felon