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Home Market & Analysis

Bitcoin Price Could Struggle And Continue Lower – Here’s Why

n70products by n70products
April 4, 2024
in Market & Analysis
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Bitcoin worth is struggling to get better above the $67,000 zone. BTC might achieve bearish momentum if there’s a shut beneath the $64,500 stage.

  • Bitcoin is going through many hurdles close to the $66,500 and $67,000 ranges.
  • The worth is buying and selling beneath $67,000 and the 100 hourly Easy shifting common.
  • There’s a main bearish pattern line forming with resistance close to $66,400 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair is now vulnerable to a draw back break beneath the $64,500 help zone.

Bitcoin Worth Upsides Stay Capped

Bitcoin worth began a consolidation phase after there was a drop towards the $64,500 stage. BTC traded as little as $64,572 and not too long ago tried a minor restoration wave.

There was a transfer above the $66,000 stage. The worth climbed above the 23.6% Fib retracement stage of the downward wave from the $71,305 swing excessive to the $64,570 low. Nevertheless, the bears have been energetic close to the $66,600 stage.

Bitcoin is now buying and selling beneath $67,000 and the 100 hourly Simple moving average. There’s additionally a significant bearish pattern line forming with resistance close to $66,400 on the hourly chart of the BTC/USD pair.

Speedy resistance is close to the $66,400 stage and the pattern line. The primary main resistance may very well be $66,600. If there’s a clear transfer above the $66,600 resistance zone, the value might begin a contemporary enhance. Within the said case, the value might rise towards the 50% Fib retracement stage of the downward wave from the $71,305 swing excessive to the $64,570 low at $67,950.

Bitcoin Price

Supply: BTCUSD on TradingView.com

The subsequent main resistance is close to the $68,750 zone. Any extra beneficial properties would possibly ship Bitcoin towards the $70,000 resistance zone within the close to time period.

Extra Losses In BTC?

If Bitcoin fails to rise above the $66,600 resistance zone, it might proceed to maneuver down. Speedy help on the draw back is close to the $65,200 stage.

The primary main help is $64,600. The subsequent help sits at $64,000. If there’s a shut beneath $64,000, the value might begin a drop towards the $62,500 stage. Any extra losses would possibly ship the value towards the $60,500 help zone within the close to time period.

Technical indicators:

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

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

Main Help Ranges – $65,200, adopted by $64,500.

Main Resistance Ranges – $66,600, $67,000, and $67,950.

Disclaimer: The article is offered for instructional functions solely. It doesn’t symbolize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You’re suggested to conduct your individual analysis earlier than making any funding selections. Use data offered on this web site completely at your individual threat.



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