Sunday, May 26, 2024
Home > News > Cryptocurrency Market > Bitcoin Price Grinds Lower As Bears Aim For New Monthly Low

Bitcoin Price Grinds Lower As Bears Aim For New Monthly Low

Bitcoin price struggled to settle above the $65,000 zone. BTC is again moving lower and there is a risk of more downsides below $62,000.

  • Bitcoin started another decline after it failed to surpass the $64,000 resistance zone.
  • The price is trading below $64,500 and the 100 hourly Simple moving average.
  • There is a key bearish trend line forming with resistance at $63,350 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 $62,400 support zone.

Bitcoin Price Dives Again

Bitcoin price attempted a fresh increase above the $64,000 zone. However, BTC failed to gain pace for a move above the $65,000 resistance zone. A high was formed at $64,301 and the price started another decline.

There was a move below the $63,800 level. The price declined below the 50% Fib retracement level of the upward move from the $62,408 swing low to the $64,301 high. Bitcoin is now trading below $63,200 and the 100 hourly Simple moving average.

There is also a key bearish trend line forming with resistance at $63,350 on the hourly chart of the BTC/USD pair. The pair is signalling a bearish bias below the 76.4% Fib retracement level of the upward move from the $62,408 swing low to the $64,301 high.

Immediate resistance is near the $63,350 level or the trend line. The first major resistance could be $64,000 or $64,300. A clear move above the $64,300 resistance might send the price higher. The next resistance now sits at $65,000.

Source: BTCUSD on TradingView.com

If there is a clear move above the $65,000 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $65,500. The next major resistance is near the $66,200 zone. Any more gains might send Bitcoin toward the $67,500 resistance zone in the near term.

More Losses In BTC?

If Bitcoin fails to rise above the $63,350 resistance zone, it could continue to move down. Immediate support on the downside is near the $62,400 level.

The first major support is $62,000. If there is a close below $62,000, the price could start to drop toward $61,200. Any more losses might send the price toward the $60,000 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 – $62,400, followed by $62,000.

Major Resistance Levels – $63,350, $64,000, and $65,000.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source