The cryptocurrency market has been capturing the attention of investors, especially with regards to Bitcoin. However, recent updates indicate that Bitcoin’s price is heading towards a new monthly low. Despite its struggle to stay above $65,000, the price has started to decline once again, raising the possibility of further drops below $62,000.
Current Situation of Bitcoin Prices
A close examination of the current state of Bitcoin reveals that after failing to break through the $64,000 resistance level, the price has entered into another decline. At present, it is trading below the $64,500 level and the 100-hour Simple Moving Average.
The hourly chart of the BTC/USD pair shows a significant downtrend line at the $63,350 resistance level. If the daily close happens below the $62,400 support area, the price could continue its downward trajectory.
Key Levels to Monitor for Bitcoin
Bitcoin has made attempts to surpass the $64,000 region but has been unsuccessful in breaking through the $65,000 resistance level. The highest recorded level was $64,301, after which the price experienced a decline, falling below $62,500.
In the BTC/USD pair, the immediate resistance lies around the $63,350 level or the trend line. However, if the price manages to surpass the major resistances at $64,000 or $64,300, we can expect further upward movement. In such a case, a clear breakthrough above the $65,000 resistance level could drive the price higher.
Decline Sparks Investor Concern
The recent downward trend in Bitcoin’s price, the leading cryptocurrency, is causing anxiety among investors. As a result, Bitcoin, struggling to rise above the $63,350 resistance level, may continue on a downward path.
Currently, the most critical support level is around $62,400. However, if the price falls below this level, the $62,000 level will become significant. Breaching this level could lead to a further decline towards $61,200. In the near future, we might witness a move towards the $60,000 support level.
Technical analysis indicates that the hourly MACD is gaining momentum in the bearish zone. Similarly, the hourly RSI (Relative Strength Index) for BTC/USD is trending below the 50 level. The main support levels are identified at $62,400 and then $62,000.
Disclaimer:
The information provided in this article should not be considered as investment advice. It is important for investors to be aware of the high volatility and associated risks of cryptocurrencies, and to conduct their own research before making any investment decisions.
