The cryptocurrency titan, Bitcoin, is currently battling to break through the $67,000 threshold, standing at the brink of potentially tipping into the bearish zone should it sink beneath the $64,500 marker.
In recent times, Bitcoin has been constantly rubbed against several formidable barriers just beneath the spots of $66,500 and $67,000. The digital coin’s trajectory is plummeting below $67,000 along with the 100 hourly Simple moving average, suggesting a tense period for Bitcoin backers. An hourly graph of the BTC/USD pair, utilizing a data feed from Kraken, reveals a significant bearish trend line taking shape, with opposition stationed intently around the $66,400 area.
The duo now teeters on the brink of a downward plunge, breaching the safeguard provided by the $64,500 support arena, the loss of which could expose a steeper decline.
Following a dip towards the $64,500 mark, Bitcoin price commenced a phase of consolidation. During this period, BTC reached a rock bottom of $64,572 before making a bid for a modest recovery wave. The endeavor managed to break through the $66,000 limit, climbing past the 23.6% Fibonacci retracement level of the downswing, which went from the pinnacle of $71,305 to the lowlands of $64,570. Nevertheless, the bears asserted their presence, halting the ascent around the $66,600 zone.
Currently, Bitcoin is bearing witness to a sub-$67,000 price tag and languishing beneath the 100 hourly Simple moving average. Alongside this, a robust bearish trend line is becoming evident, again with contention lurking near the $66,400 mark on the BTC/USD pair’s hourly chart.
Immediate resistance is anticipated at the $66,400 mark and the referenced trend line, with the first large-scale hurdle possibly forming at $66,600. If Bitcoin manages to summon the might to shatter the $66,600 resistance field, a new wave of rising prices could be on the horizon. In such a scenario, Bitcoin’s value could elevate to the 50% Fibonacci retracement degree of the aforementioned downswing at a promising value of $67,950.
Following this, the subsequent crucial resistance is in the region of the $68,750 zone, beyond which further progress could launch Bitcoin toward the coveted $70,000 opposition frontier in the foreseeable future.
However, should Bitcoin’s ascent fail to conquer the $66,600 opposition, the trajectory threatens to veer into a further downfall. Immediate safeguard on the downward path rests near the $65,200 benchmark. The largest of these protections situates itself at $64,600, followed by another supportive base seated at $64,000. A closure below the $64,000 level could instigate a tumble towards the $62,500 mark. Further losses from this point risk a fall toward the support zone around $60,500 in the short term.
According to technical indicators, the MACD is accelerating its pace within the bearish domain on an hourly scale. Furthermore, the Relative Strength Index (RSI) for BTC/USD has dipped below the midway point of 50. The notable support levels in the recent trajectory are found at $65,200, followed by $64,500. The considerable resistance thresholds prove to be $66,600, $67,000, and finally, $67,950.
