Bitcoin’s price has embarked on a notable decline, slipping below the $65,000 mark. Currently, BTC is testing the $62,850 support zone and could potentially rebound.
As Bitcoin corrects below the $65,500 zone, the price is currently trading beneath both the $65,000 mark and the 100-hour simple moving average. A visible bearish trend line is forming on the hourly chart of the BTC/USD pair, displaying resistance at $63,500. A possible increase could arise if Bitcoin maintains its position above the $62,500 support zone.
The decline began from a $66,000 resistance level, with Bitcoin breaking through the crucial $65,000 and $64,500 support levels, pushing it into a short-term bearish territory. The price even dipped below $63,500, hitting a low at $62,883. Since then, BTC has been consolidating its losses and is trading under the 23.6% Fibonacci retracement level of the downward move from the $66,055 high to the $62,833 low.
In its current state, Bitcoin remains below $64,500 and the 100-hour simple moving average. Should the price rally, it is likely to encounter resistance around $63,500. Additionally, a connecting bearish trend line provides resistance at this level on the hourly chart. Key resistance is pegged at $64,500, close to the 50% Fibonacci retracement level associated with the recent downward movement.
A decisive movement above the $64,500 resistance could propel the price higher, potentially facing the next major resistance at $65,500. A successful close above this level might spark further gains, sending the price towards the $66,200 resistance zone. Any additional upward momentum could push Bitcoin towards the $68,000 resistance level.
Conversely, if Bitcoin fails to surpass the $63,500 resistance zone, it could continue its downward trajectory. Immediate support on the downside is near the $63,000 level, with major support located around $62,850. Beyond this point, the next support level is estimated near $62,500. Further losses could drive the price down towards the $61,200 support region in the near term.
Technical indicators paint a bearish picture, with the hourly MACD gaining momentum in the negative zone and the hourly RSI for BTC/USD dipping below the 50 mark. Major support levels are observed at $62,850 and $62,500, while resistance levels stand at $63,500 and $64,500.
