Bitcoin Price Restarts Decline, Can BTC Bulls Protect $60K?
April 15 2024 - 11:06PM
NEWSBTC
Bitcoin price started another decline from the $67,000 zone. BTC is
showing bearish signs and might soon revisit the $61,000 support
zone. Bitcoin failed to clear the $67,000 resistance zone. The
price is trading below $65,000 and the 100 hourly Simple moving
average. There was a break below a rising channel with support at
$64,900 on the hourly chart of the BTC/USD pair (data feed from
Kraken). The pair could extend its decline unless it clears the
$65,000 resistance zone. Bitcoin Price Recovery Stalls Bitcoin
price attempted a recovery wave above the $65,000 resistance zone.
BTC even climbed above $66,200, but the bears were active near the
$67,000 zone. A high was formed at $66,898 and the price started
another decline amid rising tensions between Israel and Iran. There
was a move below the $65,000 and $64,000 levels. The price traded
below the 50% Fib retracement level of the upward move from the
$60,495 swing low to the $66,898 high. There was a break below a
rising channel with support at $64,900 on the hourly chart of the
BTC/USD pair. Bitcoin is now trading below $65,000 and the 100
hourly Simple moving average. The bulls are now protecting the
61.8% Fib retracement level of the upward move from the $60,495
swing low to the $66,898 high at $63,000. Immediate resistance is
near the $63,750 level. The first major resistance could be
$64,700. The next resistance now sits at $65,000. If there is a
clear move above the $65,000 resistance zone, the price could
continue to move up. In the stated case, the price could rise
toward $66,800 and the 100 hourly Simple moving average. Source:
BTCUSD on TradingView.com The next major resistance is near the
$67,200 zone. Any more gains might send Bitcoin toward the $70,000
resistance zone in the near term. More Losses In BTC? If Bitcoin
fails to rise above the $65,000 resistance zone, it could start
another decline. Immediate support on the downside is near the
$63,000 level. The first major support is $62,000. If there is a
close below $62,000, the price could start to drop toward the
$61,000 level. Any more losses might send the price toward the
$60,500 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 – $63,000, followed by $62,000. Major
Resistance Levels – $64,700, $65,000, and $67,000.
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