Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Bitcoin Price Dips Again, Is This A Fresh Bearish Signal?

Share This Post

Bitcoin price failed to clear the $65,500 resistance. BTC is now moving lower and there are a few bearish signs emerging below the $63,500 level.

  • Bitcoin started a fresh downside correction and traded below $63,500.
  • The price is trading below $63,350 and the 100 hourly Simple moving average.
  • There was a break below a major bullish trend line with support at $63,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could extend losses and revisit the $60,000 support zone in the near term.

Bitcoin Price Rejects $65,500

Bitcoin price extended its increase above the $64,500 level. However, BTC struggled to clear the $65,500 resistance zone. A high was formed at $65,550 and the price is now correcting gains.

There was a move below the $64,000 level. The price declined below the 23.6% Fib retracement level of the upward wave from the $56,380 swing low to the $65,550 high. Besides, there was a break below a major bullish trend line with support at $63,700 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading below $63,500 and the 100 hourly Simple moving average. Immediate resistance is near the $63,350 level. The first major resistance could be $64,000. The next key resistance could be $65,000.

Bitcoin Price

Source: BTCUSD on TradingView.com

The main hurdle is now at $65,500. A clear move above the $65,500 resistance might send the price higher. The next resistance now sits at $66,650. If there is a close above the $66,650 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $68,000.

More Losses In BTC?

If Bitcoin fails to climb above the $63,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $62,000 level.

The first major support is $61,000 or the 50% Fib retracement level of the upward wave from the $56,380 swing low to the $65,550 high. If there is a close below $61,000, the price could start to drop toward $60,000. Any more losses might send the price toward the $58,000 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 – $62,000, followed by $60,000.

Major Resistance Levels – $63,500, $64,000, and $65,500.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Bitcoin Breakout Narrative Explodes As Japan’s Bond Market Collapses

Japan’s government-bond complex, once the benchmark for low-yield stability, is cracking under the weight of its own arithmetic—and the fissures are sending tremors straight into the global

DOJ Targets Crypto-Theft Network With Seizure of Data-Stealing Domains

US authorities dismantled key infrastructure behind major crypto credential thefts, seizing domains used to control malware that looted millions of wallets and logins DOJ Shuts off Access to Stolen

Dogecoin Makes Meaningful Correction: Key Pullback Pattern Points To Looming Rally

Popular dog-themed meme coin, Dogecoin, may have witnessed a bearish performance in the last few days, but this waning price action could benefit its price dynamics Technical developments show that

Bitcoin Price Charges Into New Territory, Fueled by ETF Frenzy and Soft Inflation

On Wednesday, the leading crypto asset bitcoin, vaulted over another price barrier, reaching $110,730 per coin Bitcoin Rockets to $110,730 — Is the Next Stop a Moonshot Throughout the day, bitcoin

Solana’s BONK Targets 77% Corrective Move After Retrace To 200 EMA

BONK’s price action has been back and forth in May, and the cryptocurrency is now essentially back where it started the month Recent price action reveals that the token is attempting to

Peter Brandt Eyes $150K Bitcoin by August as Bullish Patterns Explode

Bitcoin is charging toward a potential $150K by August as explosive chart formations signal unstoppable momentum and historic upside Peter Brandt Says Bitcoin May Hit $150K by August—Chart Signals