Bitcoin Price Falls Again: Is Bearish Momentum Returning?
24 Julio 2024 - 9:16PM
NEWSBTC
Bitcoin price started another decline below the $66,500 level. BTC
is gaining bearish momentum and might revisit the $63,200 support.
Bitcoin started a fresh decline from the $68,500 resistance zone.
The price is trading below $65,500 and the 100 hourly Simple moving
average. There was a break below a key bullish trend line with
support at $66,000 on the hourly chart of the BTC/USD pair (data
feed from Kraken). The pair might extend losses and trade toward
the $63,200 support zone. Bitcoin Price Gains Bearish Momentum
Bitcoin price failed to hold gains above the $66,500 support level.
BTC started another decline and traded below the $66,000 support
zone. There was a move below the 50% Fib retracement level of the
upward move from the $63,225 swing low to the $68,313 high.
Besides, there was a break below a key bullish trend line with
support at $66,000 on the hourly chart of the BTC/USD pair. The
pair is now accelerating lower below the $65,000 level. Bitcoin
price is now trading below $66,000 and the 100 hourly Simple moving
average. It is also below the 76.4% Fib retracement level of the
upward move from the $63,225 swing low to the $68,313 high. If
there is a recovery wave, the price could face resistance near the
$65,200 level. The first key resistance is near the $65,500 level.
A clear move above the $65,500 resistance might spark another
increase in the coming sessions. The next key resistance could be
$66,200. The next major hurdle sits at $66,800 and the 100 hourly
Simple moving average. A close above the $66,800 resistance might
push the price further higher. In the stated case, the price could
rise and test the $68,000 resistance. More Losses In BTC? If
Bitcoin fails to recover above the $65,500 resistance zone, it
could continue to move down. Immediate support on the downside is
near the $64,000 level. The first major support is $63,200. The
next support is now near $62,500. Any more losses might send the
price toward the $61,500 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 – $64,000,
followed by $63,200. Major Resistance Levels – $65,500, and
$66,800.
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