Bitcoin Price Trims Gains Amid War Escalation, Can Bulls Save The Day?
25 Avril 2024 - 5:14AM
NEWSBTC
Bitcoin price failed to clear the $67,000 resistance. BTC trimmed
gains and is now struggling to stay above the $63,650 support zone.
Bitcoin started another decline after it failed to surpass the
$67,200 resistance zone. The price is trading below $65,000 and the
100 hourly Simple moving average. There was a break below a key
bullish trend line with support at $66,200 on the hourly chart of
the BTC/USD pair (data feed from Kraken). The pair could correct
higher, but the bears might remain active near the $65,500 zone.
Bitcoin Price Dips Again Bitcoin price struggled to clear the
$67,000 and $67,200 resistance levels. BTC formed a short-term
topping pattern and started a fresh decline below the $66,000
level. There was a move below the $65,500 support. Besides, there
was a break below a key bullish trend line with support at $66,200
on the hourly chart of the BTC/USD pair. The pair even spiked below
$63,650. A low was formed at $63,583 and the price is now
consolidating losses. Bitcoin price is now trading below $65,500
and the 100 hourly Simple moving average. Immediate resistance is
near the $64,500 level or the 23.6% Fib retracement level of the
downward move from the $67,195 swing high to the $63,583 low. The
first major resistance could be $65,350 or the 50% Fib retracement
level of the downward move from the $67,195 swing high to the
$63,583 low. A clear move above the $65,350 resistance might send
the price higher. The next resistance now sits at $65,850. If there
is a clear move above the $65,850 resistance zone, the price could
continue to move up. In the stated case, the price could rise
toward $67,000. Source: BTCUSD on TradingView.com The next major
resistance is near the $67,200 zone. Any more gains might send
Bitcoin toward the $68,800 resistance zone in the near term. More
Losses In BTC? If Bitcoin fails to rise above the $65,350
resistance zone, it could continue to move down. Immediate support
on the downside is near the $63,500 level. The first major support
is $62,600. If there is a close below $62,600, the price could
start to drop toward $61,200. Any more losses might send the price
toward the $60,000 support zone in the near term. Technical
indicators: Hourly MACD – The MACD is now losing pace in the
bearish zone. Hourly RSI (Relative Strength Index) – The RSI for
BTC/USD is now below the 50 level. Major Support Levels – $63,500,
followed by $62,600. Major Resistance Levels – $65,350, $65,850,
and $67,000.
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