Bitcoin Price Drops under $65,000, Bear Market Looms


In a surprising turn of events, the Bitcoin price has continued its waning streak, traipsing well beneath the fairly solid $65,000 level. The trajectory suggests a bearish undertone that may pull the cryptocurrency price even further down—potentially to just below $64,600.

The ominous outlook on Bitcoin’s performance persisted as its trade value dipped under the $65,000 level, a dramatic shift from the earlier seductive lure of the cryptocurrency world. Reflective of this downward spiral, the price also falls below the 100 hourly Simple moving average, which signals a disturbing beverage trend.

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Adding to the complexity, there is a connecting trend line forging a damnable resistance chain at the $67,500 mark. This forms an alarming silhouette on the hourly chart of the Bitcoin to USD pair offering bleak data feed from Kraken. The pair may persist in this downward motion and repeatedly infringe upon the previously formidable $64,500 support zone.

The attempts of Bitcoin to reclaim its losses and rally above the stalwart $66,500 resistance were futile, leaving the cryptocurrency in a consigned bearish sphere by initiating a fresh decline from a rather hopeful $67,256 peak. Further accelerations past the $66,500 isle became marked by drowsy trepidations.

A noticeable plunge under the $65,500, and then $65,000 support marks ensued, ultimately shaking hands with the $64,600 point. The lowest exchange rate marked at the $64,611 level, where Bitcoin is currently nursing its wounds, biding its time as it consolidates losses.

However, the demanding stipulations of the bear market were met with promising signs as Bitcoin rallied, staging a minor comeback above the $65,000 level. The comeback run featured the price scaling a 23.6% Fib retracement level, measured from a flagging $67,256 peak to a sobering $64,611 trough.

Bitcoin has fallen beneath the $66,000 threshold and the 100 hourly Simple moving average, but successfully meets the compelling trend line resistance of $67,500 on the hourly chart of the Bitcoin to USD pair. The price’s northern journey faces stubborn resistance around the $66,000 level, precisely the 50% Fib retracement of the downfall from a high of $67,256 to a low of $64,611.

On a positive note, given an impressive thrust above the $66,500 resistance level, Bitcoin may secure a significant increase, thereby propelling its price to loftier heights. In such an event, the price might ascend and test the $67,500 resistance level. Any further wins might catapult Bitcoin towards the tantalizing $68,500 resistance level in the proximate term.

That said, if Bitcoin fails in its attempts to ascend above the $66,000 resistance fortress, the cryptocurrency is likely to maintain its plunge. The support standing in the immediate downward path is dialed at the $65,000 level.

The next possible support is casting its shadow at $64,500 – if Bitcoin is dealt further blows, we might witness the price slipping towards the $63,200 support spot.

In terms of technical indicators, the Hourly MACD suggests that the bearish wave is about to pick up speed while the Hourly RSI (Relative Strength Index) warns that the BTC/USD pair has fallen below the 50-mark safety level.

As for critical terrain points, major support zones are marked at $65,000 and are closely followed by the $64,500 mark. Equally, crucial resistance levels are comprised of $66,000 and $66,500.