Bitcoin Price Trims Gains Amid War Escalation, Can Bulls Save The Day?

Aayush Jindal

1 year ago

2 mins read

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Bitcoin price failed to clear the $67,000 resistance. BTC trimmed gains and is now struggling to stay above the $63,650 support zone.

Bitcoin started another decline after it failed to surpass the $67,200 resistance zone.
The price is trading below $65,000 and the 100 hourly Simple moving average.
There was a break below a key bullish trend line with support at $66,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could correct higher, but the bears might remain active near the $65,500 zone.

Bitcoin Price Dips Again

Bitcoin price struggled to clear the $67,000 and $67,200 resistance levels. BTC formed a short-term topping pattern and started a fresh decline below the $66,000 level.

There was a move below the $65,500 support. Besides, there was a break below a key bullish trend line with support at $66,200 on the hourly chart of the BTC/USD pair. The pair even spiked below $63,650. A low was formed at $63,583 and the price is now consolidating losses.

Bitcoin price is now trading below $65,500 and the 100 hourly Simple moving average. Immediate resistance is near the $64,500 level or the 23.6% Fib retracement level of the downward move from the $67,195 swing high to the $63,583 low.

The first major resistance could be $65,350 or the 50% Fib retracement level of the downward move from the $67,195 swing high to the $63,583 low. A clear move above the $65,350 resistance might send the price higher. The next resistance now sits at $65,850. If there is a clear move above the $65,850 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $67,000.

Source: BTCUSD on TradingView.com

The next major resistance is near the $67,200 zone. Any more gains might send Bitcoin toward the $68,800 resistance zone in the near term.

More Losses In BTC?

If Bitcoin fails to rise above the $65,350 resistance zone, it could continue to move down. Immediate support on the downside is near the $63,500 level.

The first major support is $62,600. If there is a close below $62,600, the price could start to drop toward $61,200. Any more losses might send the price toward the $60,000 support zone in the near term.

Technical indicators:

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

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

Major Support Levels – $63,500, followed by $62,600.

Major Resistance Levels – $65,350, $65,850, and $67,000.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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