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Bitcoin Price Slide: Extends Losses Amid Increased Selling Pressure

Bitcoin price extended its losses and traded below the $65,000 level. BTC is showing bearish signs and might extend losses below the $64,600 level.

  • Bitcoin remained in a bearish zone and traded below $65,000.
  • The price is trading below $66,000 and the 100 hourly Simple moving average.
  • There is a connecting trend line forming with resistance at $67,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to move down and even trade below the $64,500 support zone.

Bitcoin Price Extends Its Decline

Bitcoin price struggled to recover above the $66,500 resistance zone. BTC remained in a bearish zone and started a fresh decline from the $67,256 high. There was a move below the $66,500 level.

There was a clear move below the $65,500 and $65,000 support levels. Finally, the price tested $64,600. A low was formed at $64,611 and the price is now consolidating losses. There was a minor increase above the $65,000 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $67,256 swing high to the $64,611 low.

Bitcoin is now trading below $66,000 and the 100 hourly Simple moving average. There is also a connecting trend line forming with resistance at $67,500 on the hourly chart of the BTC/USD pair.

On the upside, the price is facing resistance near the $66,000 level or the 50% Fib retracement level of the downward move from the $67,256 swing high to the $64,611 low. The first major resistance could be $66,250. The next key resistance could be $66,500.

A clear move above the $66,500 resistance might start a decent increase and send the price higher. In the stated case, the price could rise and test the $67,500 resistance. Any more gains might send BTC toward the $68,500 resistance in the near term.

More Losses In BTC?

If Bitcoin fails to climb above the $66,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $65,000 level.

The first major support is $64,600. The next support is now forming near $64,500. 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 gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $65,000, followed by $64,500.

Major Resistance Levels – $66,000, and $66,500.

SOURCE

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