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.
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.