Bitcoin Price Bleeds Lower With $65K Becoming The Battleground
Bitcoin price failed to stay above $70,000 and started another decline. BTC is now trading below $68,800 and might extend losses in the near term. The first key resistance is near the $69,000 level. A close above the $69,000 resistance might send the price further higher. In the stated case, the price could rise and test the $70,000 resistance. Any more gains might send the price toward the $71,500 level. The next barrier for the bulls could be $72,000 and $72,500. If Bitcoin fails to rise above the $69,000 resistance zone, it could start another decline. Immediate support is near the $66,000 level. The first major support is near the $65,000 level or the 61.8% Fib retracement level of the upward move from the $60,500 swing low to the $72,256 high. The next support is now near the $63,500 zone. Any more losses might send the price toward the $62,000 support in the near term. The main support now sits at $61,200, below which BTC might struggle to recover 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 – $66,000, followed by $65,000. Major Resistance Levels – $69,000 and $70,000.More Losses In BTC?
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