Below $63,000, Bitcoin Price Turns Red and May Fall Further

 The price of bitcoin was unable to move past the $65,500 barrier. Bitcoin is once more declining, and further losses could occur below $63,000.

1. When Bitcoin was unable to break over the $65,500 resistance level, it began a new downtrend.
2. The 100 hourly Simple moving average and $64,500 are being traded below by the price.
3. On the hourly chart of the BTC/USD pair, a bearish trend line is forming, with resistance located at $64,500 (data feed from Kraken).
4. If there is a daily close below the $63,000 support zone, the pair may move lower faster.

Bitcoin Price Faces Hurdles

The price of bitcoin began to rise again from the $62,750 support level. The resistance levels of $64,000 and $64,500 were overcome by BTC. But the price was unable to break through the resistance level at $65,500.

At $65,300, a peak was established, and the market began to drop once more. A move occurred below the $64,500 mark. The price of the rebound wave from the $62,743 swing low to the $65,300 high tested the 50% Fib retracement level.

Right present, the price of bitcoin is below both the 100 hourly Simple Moving Average and $64,500. On the hourly chart of the Bitcoin/USD pair, a connecting bearish trend line is also emerging, with resistance at $64,500.

The trend line or the $64,500 mark represent immediate resistance. $65,350 or $65,500 might be the first significant resistance levels. Price growth could occur if there is a clear break above the $65,500 resistance level. The current next point of resistance is $66,200.

Source: BTCUSD on TradingView.com

The price may rise further in the event that there is a clear move above the resistance zone of $66,200. In the example given, the cost might increase to almost $67,000. The $67,400 region represents the next significant resistance. In the foreseeable future, any additional rises might push Bitcoin toward the $68,800 resistance level.

Bitcoin may continue to decline if it is unable to break above the resistance level of $64,500. Substantial downside support is located close to the $64,000 mark.

The 61.8% Fib retracement level of the recovery wave from the $62,743 swing low to the $65,300 high, or $63,750, is the first significant level of support. The price may begin to decline toward $62,750 if there is a closing below $63,750. In the short term, pricing may move toward the $61,200 support zone if there are any additional losses.

Technical Indicators:

Hourly MACD: The MACD is currently moving faster toward the negative area.

Relative Strength Index (RSI) hourly: At this point, the BTC/USD RSI is below the 50 threshold.

Key Assistance Levels: $64,000 and $63,750.

The key levels of resistance are $64,500, $65,350, and $66,200.

Disclaimer: NFTs and cryptocurrency products are unregulated and very dangerous. For any losses resulting from such transactions, there might be no regulatory redress. Cryptocurrency is vulnerable to market risks and is not a form of legal tender. Before making any form of investment, readers are urged to consult an expert and carefully study the offer document(s) and any relevant key literature on the subject. Predictions about the cryptocurrency market are speculative, and readers assume all risk and expense associated with any investments they make.