Bitcoin Price Slumps 5%, Bearish Momentum Returns With Force

Bitcoin value failed to remain above $68,000 and dipped sharply. BTC is now consolidating losses and may wrestle to recuperate above $66,000.

• Bitcoin began a contemporary decline and traded beneath the $66,500 assist.
• The value is buying and selling beneath $66,500 and the 100 hourly easy shifting common.
• There was a break beneath a bullish development line with assist at $68,000 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair may dip once more if it trades beneath the $64,500 and $64,200 ranges.

Bitcoin Worth Dives Over 5%

Bitcoin value failed to stay secure above the $67,200 zone. BTC began a contemporary decline and traded beneath the $66,500 assist zone. There was a push beneath $66,000.

The value even spiked beneath $65,000. There was additionally a break beneath a bullish development line with assist at $68,000 on the hourly chart of the BTC/USD pair. A low was fashioned at $64,203, and the worth is now correcting some losses. There was a transfer above $64,500, however the value remains to be effectively beneath the 23.6% Fib retracement stage of the current decline from the $68,653 swing excessive to the $64,203 low.

Bitcoin is now buying and selling beneath $66,500 and the 100 hourly easy shifting common. If the worth stays secure above $64,200, it may try a contemporary improve. Fast resistance is close to the $65,250 stage.

The primary key resistance is close to the $66,400 stage or the 50% Fib retracement stage of the current decline from the $68,653 swing excessive to the $64,203 low. An in depth above the $66,400 resistance may ship the worth additional increased. Within the said case, the worth may rise and check the $67,000 resistance. Any extra positive aspects may ship the worth towards the $67,600 stage. The subsequent barrier for the bulls might be $68,000 and $68,500.

One other Decline In BTC?

If Bitcoin fails to rise above the $66,000 resistance zone, it may begin one other decline. Fast assist is close to the $64,400 stage. The primary main assist is close to the $64,200 stage.

The subsequent assist is now close to the $63,500 zone. Any extra losses may ship the worth towards the $62,850 assist within the close to time period. The primary assist now sits at $62,000, beneath which BTC may wrestle to recuperate within the close to time period.

Technical indicators:

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

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now beneath the 50 stage.

Main Assist Ranges – $64,500, adopted by $64,200.

Main Resistance Ranges – $66,000 and $66,500.