Bitcoin Price Dips Again: BTC Bears Tighten Grip
June 20 2024 - 11:12PM
NEWSBTC
Bitcoin price failed to climb above the $66,500 resistance. BTC is
again moving lower and might decline below the $64,600 support
zone. Bitcoin started a fresh decline from the $66,500 resistance
level. The price is trading below $65,500 and the 100 hourly Simple
moving average. There was a break below a connecting bullish trend
line with support at $65,250 on the hourly chart of the BTC/USD
pair (data feed from Kraken). The pair could extend losses if there
is a clear move below the $64,600 and $64,200 support levels.
Bitcoin Price Faces Rejection Bitcoin price started a recovery wave
above the $65,000 level. BTC climbed above the $65,500 and $66,200
levels. However, the bears were active near the $66,500 zone. A
high was formed at $66,444 and the price started another decline.
There was a move below the $65,500 and $65,400 support levels. The
price dipped below the 50% Fib retracement level of the upward move
from the $64,050 swing low to the $66,444 high. Besides, there was
a break below a connecting bullish trend line with support at
$65,250 on the hourly chart of the BTC/USD pair The price tested
the $64,600 support zone and the 76.4% Fib retracement level of the
upward move from the $64,050 swing low to the $66,444 high. Bitcoin
is now trading below $65,500 and the 100 hourly Simple moving
average. If there is another upward move, the price might face
resistance near the $65,250 level. The first major resistance could
be $65,500. The next key resistance could be $66,000. A clear move
above the $66,000 resistance might start a steady increase and send
the price higher. In the stated case, the price could rise and test
the $66,500 resistance. Any more gains might send BTC toward the
$67,500 resistance in the near term. More Downsides In BTC? If
Bitcoin fails to climb above the $65,250 resistance zone, it could
continue to move down. Immediate support on the downside is near
the $64,600 level. The first major support is $64,200. The next
support is now forming near $64,000. 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 – $64,600,
followed by $64,000. Major Resistance Levels – $65,250, and
$66,500.
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