Bitcoin
Bitcoin Price Plummets: Analyzing the Sudden Drop
Bitcoin price began another decline after struggling near $64,550. BTC has fallen below the $63,500 support and could continue falling.
- Bitcoin started a new decline from the $64,550 resistance level.
- The price is trading below $63,500 and the 100 hourly simple moving average.
- There is a bearish trendline forming with resistance at $63,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend losses if there is a clear move below the $62,700 and $62,500 support levels.
Bitcoin price drops further
Bitcoin price failed to recover above the $65,000 Level. BTC struggled near $64,550 and started another decline. There was a steady decline below the $64,000 and $63,500 levels.
The price even fell below the $63,000 level. A low was formed at $62,700 and the price is now consolidating losses. There is also a bearish trend line forming with resistance at $63,600 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading below $63,500 and the 100 hour simple moving average. If there is a recovery wave, the price could face resistance near the $63,550 level and the 23.6% Fibonacci retracement level of the downward movement from the $66,444 swing high to $62,700 low.
The first major resistance could be at $64,000. The next key resistance could be $64,500 or the 50% Fibonacci retracement level of the downward move from the $66,444 swing high to $62,700 low.
Source: BTCUSD on TradingView.com
A clear move above the $64,500 resistance could start a steady rise and push the price higher. In this case, the price could rise and test the $65,500 resistance. Any further gains could send BTC towards the $66,200 resistance in the near term.
More downsides to BTC?
If Bitcoin fails to rise above the $63,550 resistance zone, it could continue falling. Immediate downside support is near the $62,700 level.
The first major support is at $62,200. The next support is now forming near $62,000. Further losses could send the price towards the $61,200 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.
Key support levels – $62,700, followed by $62,200.
Main resistance levels – $63,550 and $64,500.
Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.
The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.
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came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
Forbes Digital Assets
Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
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