#Bitcoinprice Consolidates Losses But Recovery Could Face Hurdles
Bitcoin's price continued its descent below the critical $65,000 support zone, signaling a further downturn. Currently, BTC is consolidating its losses and may attempt a recovery towards the $67,000 level.
The decline saw Bitcoin slipping below key support levels at $65,500 and $65,000, eventually testing the $64,500 region. At its lowest point, Bitcoin traded near $64,572 before showing signs of consolidation. While there was a minor uptick above $65,000, the price is still trading below $67,500 and the 100 hourly Simple Moving Average.
On the hourly chart of the #btc/usd pair, a notable bearish trend line is forming with resistance around $67,200. This trend line represents a significant barrier for any potential recovery efforts.
Near-term resistance levels include $66,000 and the key level at $67,200, aligned with a trend line. A decisive move above this zone could trigger an uptrend towards $67,950, the 50% Fibonacci retracement level. Further resistance is at $68,500, potentially pushing Bitcoin towards $70,000.
However, if Bitcoin fails to breach the $67,200 resistance, a continuation of the downtrend is likely. Immediate support awaits at $65,200, followed by the crucial level at $64,500. A close below $64,000 might intensify selling pressure, pushing Bitcoin towards the $62,500 support zone, with further downside risk towards $60,500.
Key technical indicators suggest a bearish sentiment, with the hourly MACD losing momentum in the bearish zone, and the hourly RSI dipping below the 50 level, indicating weakening bullish momentum.
In summary, Bitcoin faces significant resistance near $67,200, and a failure to overcome this level could lead to further losses, targeting support levels at $65,200 and $64,500. Conversely, a successful breakout above $67,200 could pave the way for a bullish recovery towards $70,000.
Source - newsbtc.com
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