Bitcoin price prolonged its losses and traded under the $64,500 degree. BTC is correcting losses, however the bears are nonetheless in management and purpose for extra losses.

• Bitcoin remained in a bearish zone and traded under $64,500.
• The price is buying and selling under $65,500 and the 100 hourly Easy transferring common.
• There’s a connecting development line forming with resistance at $65,400 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair stays vulnerable to extra downsides under the $64,000 assist zone.

Bitcoin Value Dips Additional

Bitcoin price remained in a bearish zone after it settled under the $66,500 resistance zone. BTC prolonged losses and traded under the $65,000 degree. There was additionally a dip under $64,500.

A low was shaped at $64,050 and the price is now correcting losses. There was a minor restoration above the $64,500 degree. The price climbed above the 23.6% Fib retracement degree of the downward wave from the $67,255 swing excessive to the $64,050 low.

Bitcoin is now buying and selling under $65,500 and the 100 hourly Easy transferring common. There may be additionally a connecting development line forming with resistance at $65,400 on the hourly chart of the BTC/USD pair.

On the upside, the price is going through resistance close to the $65,500 degree and the development line. The primary main resistance could possibly be $65,650 or the 50% Fib retracement degree of the downward wave from the $67,255 swing excessive to the $64,050 low. The following key resistance could possibly be $66,000.

A transparent transfer above the $66,000 resistance would possibly begin an honest improve and ship the price larger. Within the acknowledged case, the price might rise and check the $66,500 resistance. Any extra features would possibly ship BTC towards the $67,500 resistance within the close to time period.

Extra Losses In BTC?

If Bitcoin fails to climb above the $65,400 resistance zone, it might begin one other decline. Rapid assist on the draw back is close to the $64,800 degree.

The primary main assist is $64,200. The following assist is now forming close to $64,000. Any extra losses would possibly ship the price towards the $63,200 assist zone within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now dropping tempo within the bearish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now close to the 50 degree.

Main Help Ranges – $64,500, adopted by $64,000.

Main Resistance Ranges – $65,400, and $66,000.