Bitcoin Price Could Attempt to Recover Lost Ground But Faces Many Hurdles
June 19 2024 - 10:35PM
NEWSBTC
Bitcoin price is consolidating above the $64,000 level. BTC could
try to follow Ethereum and recover if it manages to clear the
$65,650 resistance zone. Bitcoin started a minor recovery wave
above the $65,000 level. The price is trading below $65,500 and the
100 hourly Simple moving average. There is a short-term contracting
triangle forming with resistance at $65,400 on the hourly chart of
the BTC/USD pair (data feed from Kraken). The pair could start a
recovery wave if it clears the $65,400 and $65,650 resistance
levels. Bitcoin Price Faces Resistance Bitcoin price extended its
losses and traded below the $65,000 level. BTC even tested the
$64,000 zone. A low was formed at $64,050 and the price is now
correcting losses. There was a minor recovery above the $64,500
level. The price climbed above the 23.6% Fib retracement level of
the recent drop from the $67,255 swing high to the $64,050 low.
However, the bears are still active near the $65,500 zone. Bitcoin
is now trading below $65,500 and the 100 hourly Simple moving
average. There is also a short-term contracting triangle forming
with resistance at $65,400 on the hourly chart of the BTC/USD pair.
On the upside, the price is facing resistance near the $65,400
level and the triangle trend line. The first major resistance could
be $65,650 or the 50% Fib retracement level of the recent drop from
the $67,255 swing high to the $64,050 low. 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 $66,550 resistance. Any
more gains might send BTC toward the $67,500 resistance in the near
term. Another Decline In BTC? If Bitcoin fails to climb above the
$65,650 resistance zone, it could start another decline. Immediate
support on the downside is near the $64,850 level. The first major
support is $64,400. 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 losing pace in the bearish zone. Hourly RSI (Relative
Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $64,400, followed by $64,000. Major
Resistance Levels – $65,400, and $65,650.
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