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

Bitcoin terms failed to retrieve supra the $65,500 resistance. BTC is again moving little and determination is simply a hazard of much downsides beneath $63,000.

• Bitcoin started different diminution aft it failed to surpass the $65,500 absorption zone.
• The terms is trading beneath $64,500 and the 100 hourly Simple moving average.
• There is simply a connecting bearish inclination enactment forming with absorption astatine $64,500 connected the hourly illustration of the BTC/USD brace (data provender from Kraken).
• The brace could accelerate little if determination is simply a regular adjacent beneath the $63,000 enactment zone.

Bitcoin Price Faces Hurdles

Bitcoin terms started a recovery wave from the $62,750 enactment zone. BTC was capable to ascent supra the $64,000 and $64,500 absorption levels. However, the terms failed to wide the $65,500 absorption zone.

A precocious was formed astatine $65,300 and the terms started different decline. There was a determination beneath the $64,500 level. The terms tested the 50% Fib retracement level of the betterment question from the $62,743 plaything debased to the $65,300 high.

Bitcoin is present trading beneath $64,500 and the 100 hourly Simple moving average. There is besides a connecting bearish inclination enactment forming with absorption astatine $64,500 connected the hourly illustration of the BTC/USD pair.

Immediate absorption is adjacent the $64,500 level oregon the inclination line. The archetypal large absorption could beryllium $65,350 oregon $65,500. A wide determination supra the $65,500 absorption mightiness nonstop the terms higher. The adjacent absorption present sits astatine $66,200.

Source: BTCUSD connected TradingView.com

If determination is simply a wide determination supra the $66,200 absorption zone, the terms could proceed to determination up. In the stated case, the terms could emergence toward $67,000. The adjacent large absorption is adjacent the $67,400 zone. Any much gains mightiness nonstop Bitcoin toward the $68,800 absorption portion successful the adjacent term.

More Losses In BTC?

If Bitcoin fails to emergence supra the $64,500 absorption zone, it could proceed to determination down. Immediate enactment connected the downside is adjacent the $64,000 level.

The archetypal large enactment is $63,750 oregon the 61.8% Fib retracement level of the betterment question from the $62,743 plaything debased to the $65,300 high. If determination is simply a adjacent beneath $63,750, the terms could commencement to driblet toward $62,750. Any much losses mightiness nonstop the terms toward the $61,200 enactment portion successful the adjacent term.

Technical indicators:

Hourly MACD – The MACD is present gaining gait successful the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is present beneath the 50 level.

Major Support Levels – $64,000, followed by $63,750.

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