The infamous Bitcoin is experiencing a downturn, breaching the $65,000 support zone and plunging the digital markets into unease. Currently licking its wounds and regrouping, Bitcoin seems poised to rally and possibly surge back towards the $67,000 mark.
The value of Bitcoin dipped beneath both the $65,500 and $65,000 marks, signaling a sizeable retreat in value. These days, Bitcoin weathers the storm roughly $2,500 under the $67,500 mark—and under the radar of the 100-hour Simple Moving Average (SMA), a calamitous shift for a previously stable digital giant.
Another point of alarm is the formation of a significant downward trend line, which presents a formidable obstacle at the $67,200 mark. This trend, evidenced on the hourly chart of the Bitcoin/USD pair—a chronicle of Bitcoin’s roller-coaster journey against the U.S. dollar—augurs a likely resistance at the $67,000 level.
In its crimson phase—a period painted red with falling numbers—Bitcoin bit through its $68,000 support zone, extending its fall even beyond the $65,500 nadir, to land in the perilous $64,500 region.
A low point seemed finalized around $64,572 before Bitcoin began consolidating its losses. Quick like a rebound, it leaped past the $65,000 hurdle once again, even sniffing the 23.6% Fib retracement level of the massive downslide starting from a high of $71,306 and reaching the aforementioned low.
Underneath the ominous cloud of falling below $67,000 and the ominous 100-H SMA, Bitcoin faces a tangible bearish sign. This sign culminates in the formation of a key downward trend line, culminating in a resistance zone that hovers ominously near the $67,200 threshold on the BTC/USD hourly chart.
Confronting an immediate resistance in the vicinity of $66,000, the first significant threat lies around $67,200. If Bitcoin can muster enough momentum to vault over this obstacle, it could herald a renewed upswing. In such an unprecedented scenario, Bitcoin could potentially flutter towards the 50% Fib retracement level, the halfway point of the massive drop starting at $71,306 and bottoming out at $64,572—all the way up at $67,950.
Glancing ahead, the next notable resistance looms around the $68,500 mark. Any further windfalls could push Bitcoin towards the $70,000 mark—a resistance point in the foreseeable future.
Should Bitcoin languish under the $67,200 resistance barrier, a further decline might be in the offing. The immediate defence against this potential downgrade lies at the $65,200 mark.
Formidable lines of defence await at $64,500 and further, at $64,000. If numbers tumble south of $64,000, we might be looking at a precipitous drop towards the $62,500 region. Additional losses could steer the already turbulent Bitcoin journey towards the intimidating $60,500 support zone.
Technical indicators point towards the MACD losing speed in its downward dive. The RSI for the BTC/USD pair is sagging below the 50-point threshold. Major lines of defence then can be identified at $65,200 in the forefront and $64,500 in its wake. On the flip side, primary resistance clouds loom at $66,000 followed by $67,200 and finally at $67,950.
