Bitcoin Price Downside Thrust Over Or The Bears Are Not Done Yet?

Bitcoin price started a major decline amid the Israel-Iran tensions. BTC declined toward $60,500 and is currently attempting a recovery wave.

  • Bitcoin is attempting a recovery wave from the $60,500 support zone.
  • The price is trading below $65,500 and the 100 hourly Simple moving average.
  • There is a key rising channel forming with resistance at $65,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could gain bullish momentum if it clears the $66,000 resistance zone.

Bitcoin Price Recovery Faces Hurdles

Bitcoin price started a major decline below the $70,000 level. BTC gained bearish momentum amid rising tensions between Israel and Iran. There was a sharp decline below the $66,000 and $65,000 levels.

The price dipped over 10% and even tested the $60,500 support. A low was formed near $60,495 and the price is now attempting a recovery wave. It climbed above the $62,500 and $63,000 levels. There was a move above the 23.6% Fib retracement level of the downward move from the $71,200 swing high to the $60,495 low.

Bitcoin is now trading below $67,000 and the 100 hourly Simple moving average. Immediate resistance is near the $65,800 level. There is also a key rising channel forming with resistance at $65,850 on the hourly chart of the BTC/USD pair. It is close to the 50% Fib retracement level of the downward move from the $71,200 swing high to the $60,495 low.

Bitcoin Price

Source: BTCUSD on TradingView.com

The first major resistance could be $66,000. The next resistance now sits at $68,000 and the 100 hourly Simple moving average. If there is a clear move above the $68,000 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $70,000. The next major resistance is near the $71,200 zone. Any more gains might send Bitcoin toward the $72,500 resistance zone in the near term.

Another Decline In BTC?

If Bitcoin fails to rise above the $66,850 resistance zone, it could start another decline. Immediate support on the downside is near the $64,500 level.

The first major support is $63,000. If there is a close below $63,000, the price could start to drop toward the $62,000 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 bullish zone.

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

Major Support Levels – $64,500, followed by $63,000.

Major Resistance Levels – $65,850, $66,000, and $68,000.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

#Bitcoin #Price #Downside #Thrust #Bears

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