Categories: Bitcoin Latest News

Bitcoin Price At Risk of Another Downside Thrust Before Higher

Bitcoin price is struggling to settle above the $68,000 resistance. BTC is now consolidating and might decline toward the $63,400 support zone.

Bitcoin price is struggling to gain pace for more gains above the new all-time.
The price is trading above $65,000 and the 100 hourly Simple moving average.
There is a short-term bearish trend line forming with resistance near $67,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could extend losses and revisit the $63,400 support zone.

Bitcoin Price Faces Hurdles

Bitcoin price started a nasty decline from the new all-time high of $69,218. BTC crashed to $59,150 before it trimmed losses. It climbed back above $65,000, but the bears are now protecting more upsides above the $67,500 level.

A high was formed at $67,635 and the price is now consolidating. It is trading above the 23.6% Fib retracement level of the upward move from the $59,150 swing low to the $67,635 high.

Bitcoin is still trading above $65,000 and the 100 hourly Simple moving average. Immediate resistance is near the $67,000 level. There is also a short-term bearish trend line forming with resistance near $67,000 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

The next key resistance could be $68,000, above which the price could rise toward the $69,200 resistance zone. If there is a clear move above the $69,200 resistance zone, the price could rise toward the $70,000 level. Any more gains might send the price toward the $72,000 level.

Another Decline In BTC?

If Bitcoin fails to rise above the $67,000 resistance zone, it could start another downside correction. Immediate support on the downside is near the $66,650 level.

The first major support is $65,000. If there is a close below $65,000, the price could start a decent pullback toward the 50% Fib retracement level of the upward move from the $59,150 swing low to the $67,635 high at $63,400. Any more losses might send the price toward the $62,500 support zone.

Technical indicators:

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

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

Major Support Levels – $65,000, followed by $63,400.

Major Resistance Levels – $67,000, $68,000, and $69,200.

[#item_full_content]NewsBTCRead More

Recent Posts

Bitcoin Flash Crash Causes $710 Million In Crypto Long Liquidations

Data shows the cryptocurrency derivatives market has suffered a massive amount of liquidations after the…

34 seconds ago

Bitcoin’s Market at a Crossroads: Are Long-Term Holders Signalling a Correction or a Rally?

The role of Bitcoin long-term holders (LTHs) has again come under the microscope of analysts…

60 minutes ago

Analyst Says Bitcoin Price At $100,000 Is A ‘Dangerous Zone’, Predicts Massive Crash

The Bitcoin price recently achieved a monumental milestone, crossing the $100,000 threshold for the first…

7 hours ago

The Joule Paradox: Energy sets the value of bitcoin and bitcoin sets the value of energy

Early in our thinking about the interaction between bitcoin and energy it became obvious to…

11 hours ago

Did Hawk Tuah Crypto Debacle Eclipse Bitcoin’s $100K Moment?

One bitcoin is worth $100,000 — a milestone that has <a href="https://www.coindesk.com/business/2024/12/05/bitcoin-at-100-k-industry-reaction" target="_blank">crypto OGs in…

12 hours ago

Crypto Daybook Americas: It’s Glass Half Full Despite Record Short Bitcoin ETF Volume

By Omkar Godbole (All times ET unless indicated otherwise) You know how it feels when…

15 hours ago