Bitcoin Price Declines Below $65,000: Technical Analysis and Key Levels
Bitcoin price has taken a hit, dropping below the $65,000 level against the US Dollar. The decline has put the price below $65,500 and the 55 simple moving average on the 4-hour chart. A key bearish trend line is forming with resistance near $64,550 on the BTC/USD pair.
The recent drop in price has seen Bitcoin struggle to break above the $65,000 resistance zone, with heavy resistance expected near the $64,500 level in the near term. The price started its decline below $67,000 and continued to slide below $66,000 and $65,000 levels, entering a bearish zone.
The bears pushed the price below key support levels at $63,200 and $62,000, eventually testing the $61,500 zone. A low was formed near $60,800, and the price is now consolidating losses. With resistance levels at $64,250 and $65,000, a clear move above $65,000 could see the price rise towards $66,250 and potentially even reach $68,500.
However, if the price fails to break above $65,000, it could decline further below $63,000, with major support at $61,500 and $60,800. Technical indicators show the MACD losing momentum in the bearish zone and the RSI below the 50 level.
Overall, Bitcoin price is facing heavy resistance near the $64,500 zone, and traders will be closely watching for any signs of a breakout or further decline. Key support levels to watch are at $63,000 and $61,500, while resistance levels are at $64,500, $65,000, and $67,000.
