NewsBTC
19 hour ago
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BEARISH 📉 : Bitcoin price declines below $67,000 amid bearish trend

Bitcoin Price Analysis:

  • Bitcoin is trading below $68,000 and the 100 hourly SMA.
  • A bearish trend line is forming with resistance at $67,500 on the BTC/USD chart.
  • The price dipped below the 50% Fibonacci retracement from $60,500 to $72,255.

Bitcoin Price

Potential Movements:

  • If Bitcoin stabilizes above $65,000, a fresh increase may occur.
  • Resistance lies at $67,500 and $68,000. A close above $68,000 could push the price towards $69,200 or even $70,500.

Risk of Further Decline:

  • If unable to surpass the $68,000 resistance, further decline is possible.
  • Support levels are at $65,500 and $65,000; below these, $62,750 and $61,200 are crucial.
  • Main support stands at $60,500, critical for recovery prospects.

Technical Indicators:

  • Hourly MACD: Gaining pace in the bearish zone.
  • Hourly RSI: Below the 50 level for BTC/USD.

BTC continues to face challenges as it attempts to recover above key resistance points.