Bitcoin price has been struggling to stay above the $65,000 mark, with a risk of further decline below $62,000. The recent decline was triggered by the failure to break the $64,000 resistance level. Currently, the price is trading below $64,500 and the 100 hourly Simple Moving Average. A bearish trend line is forming with resistance at $63,350 on the BTC/USD hourly chart, indicating a potential downward movement if there is a daily close below the $62,400 support level.
Bitcoin attempted to rise above $64,000 but failed to surpass the $65,000 resistance zone, reaching a high of $64,301 before starting another decline. The price dropped below $63,800 and is now trading below $63,200 and the 100 hourly Simple Moving Average. A bearish bias is evident below the 76.4% Fib retracement level, with immediate resistance at $63,350 and major resistance at $64,000 and $64,300. If the price manages to break above $64,300, the next resistance level is at $65,000.
On the downside, if Bitcoin fails to rise above $63,350, it could continue to move lower, with immediate support at $62,400 and major support at $62,000. A close below $62,000 could lead to a drop towards $61,200 and potentially the $60,000 support zone. Technical indicators show the MACD gaining pace in the bearish zone and the RSI for BTC/USD below the 50 level.
In conclusion, investors are advised to conduct their own research before making any investment decisions as trading in Bitcoin carries inherent risks.