Bitcoin Price Dips Again, Is This A Fresh Bearish Signal?

2024-5-8 06:24

Bitcoin price failed to clear the $65,500 resistance. BTC is now moving lower and there are a few bearish signs emerging below the $63,500 level.

Bitcoin started a fresh downside correction and traded below $63,500. The price is trading below $63,350 and the 100 hourly Simple moving average. There was a break below a major bullish trend line with support at $63,700 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could extend losses and revisit the $60,000 support zone in the near term. Bitcoin Price Rejects $65,500

Bitcoin price extended its increase above the $64,500 level. However, BTC struggled to clear the $65,500 resistance zone. A high was formed at $65,550 and the price is now correcting gains.

There was a move below the $64,000 level. The price declined below the 23.6% Fib retracement level of the upward wave from the $56,380 swing low to the $65,550 high. Besides, there was a break below a major bullish trend line with support at $63,700 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading below $63,500 and the 100 hourly Simple moving average. Immediate resistance is near the $63,350 level. The first major resistance could be $64,000. The next key resistance could be $65,000.

Source: BTCUSD on TradingView.com

The main hurdle is now at $65,500. A clear move above the $65,500 resistance might send the price higher. The next resistance now sits at $66,650. If there is a close above the $66,650 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $68,000.

More Losses In BTC?

If Bitcoin fails to climb above the $63,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $62,000 level.

The first major support is $61,000 or the 50% Fib retracement level of the upward wave from the $56,380 swing low to the $65,550 high. If there is a close below $61,000, the price could start to drop toward $60,000. Any more losses might send the price toward the $58,000 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $62,000, followed by $60,000.

Major Resistance Levels – $63,500, $64,000, and $65,500.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 67923.78 (+0.19%)
Объем 24H $28.244b
Изменеия 24h: -0.43 %, 7d: -3.02 %
Cегодня L: $67649.64 - H: $68812.85
Капитализация $1338.44b Rank 1
Цена в час новости $ 62390.73 (8.87%)

bitcoin 500 below bearish fresh price signs

Источник: newsbtc.com

bitcoin 500 → Результатов: 126


Фото:

Crypto Community Fears Centralization As MicroStrategy’s Bitcoin Holdings Hit 132,500 BTC

A trove of mixed feelings trailed the crypto community as one of its foremost Bitcoin evangelists, Michael Saylor, announced an additional purchase of 2,500 BTCs. In a tweet yesterday afternoon, Saylor disclosed that his company had gone Bitcoin shopping over the last seven weeks at a price of approximately $16,500 per BTC, bringing the company’s […]

2022-12-30 22:31


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru