Bitcoin price has been on a downward trend, trading below key resistance levels. Despite a minor recovery, the bears seem to be in control and are aiming for further losses. The price of Bitcoin dipped below $65,000 and even touched $64,050 before starting to correct its losses.
Currently, Bitcoin is trading below $65,500 and the 100 hourly Simple moving average. There is a connecting trend line with resistance at $65,400 on the hourly chart of the BTC/USD pair. The price is facing resistance around $65,500 and needs to break above this level to see any significant upward movement. If it manages to surpass $66,000, there could be a more substantial increase in price.
However, if Bitcoin fails to break above the $65,400 resistance zone, it might start another decline. Immediate support lies near $64,800, followed by $64,200 and $64,000. Further losses could push the price towards the $63,200 support zone in the near term.
Technical indicators show that the MACD is losing pace in the bearish zone, while the RSI for BTC/USD is hovering around the 50 level. This indicates a neutral sentiment in the market, with potential for either a bullish or bearish move depending on how the price reacts to key resistance and support levels.
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While the future of Bitcoin’s price remains uncertain, investors are advised to conduct their own research and make informed decisions before investing. The cryptocurrency market is highly volatile, and caution is always recommended when trading digital assets. As Aayush Jindal’s expertise shows, staying informed and being diligent in your approach can help navigate the intricacies of the market and uncover profitable opportunities.