Bitcoin’s price has taken a hit recently, starting a decline from the $66,850 resistance zone. The cryptocurrency is struggling to stay above $65,500 and could potentially drop even lower in the near future.
The failure to break above $67,000 has led to this downward trend, with Bitcoin currently trading below $66,800 and the 100 hourly Simple Moving Average. A connecting bullish trend line with support at $66,500 was broken, indicating further bearish movement.
The hourly chart of the BTC/USD pair shows that Bitcoin is now below the 23.6% Fib retracement level, with a potential test of the 50% Fib retracement level on the horizon. Resistance lies at $66,500 and the 100 hourly SMA, with major resistance at $66,850 and $67,000.
If Bitcoin can’t break above $66,500, we may see more losses in the near term. Immediate support is at $66,000, followed by $65,750 and $65,500. Further declines could push the price towards the $65,000 support zone.
Technical indicators like the MACD and RSI are currently in the bearish zone, signaling more potential downside. Investors and traders should keep an eye on the support and resistance levels mentioned to gauge Bitcoin’s next moves in the market.
Aayush Jindal, a financial expert with extensive experience in Forex and cryptocurrency trading, provides valuable insights and analysis to help investors navigate the volatile crypto market. His expertise and technical analysis skills make him a trusted advisor in the world of finance.
Aayush’s dedication to continuous learning and growth, combined with his passion for market analysis, sets him apart as a leader in the industry. His commitment to excellence and unwavering integrity make him a beacon of inspiration for traders worldwide.
While the future of Bitcoin’s price remains uncertain, investors are advised to conduct their own research and make informed decisions when it comes to buying, selling, or holding investments. The market carries inherent risks, and it’s essential to stay informed and cautious when navigating the world of cryptocurrency trading.