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Bitcoin Price Could Attempt to Recover Lost Ground But Faces Many Hurdles

Started by Bitcoin, Jun 20, 2024, 05:04 am

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Bitcoin

Bitcoin Price Could Attempt to Recover Lost Ground But Faces Many Hurdles

Bitcoin price is consolidating above the $64,000 level. BTC could try to follow Ethereum and recover if it manages to clear the $65,650 resistance zone.



  • Bitcoin started a minor recovery wave above the $65,000 level.

  • The price is trading below $65,500 and the 100 hourly Simple moving average.

  • There is a short-term contracting triangle forming with resistance at $65,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).

  • The pair could start a recovery wave if it clears the $65,400 and $65,650 resistance levels.


Bitcoin Price Faces Resistance


Bitcoin price extended its losses and traded below the $65,000 level. BTC even tested the $64,000 zone. A low was formed at $64,050 and the price is now correcting losses.


There was a minor recovery above the $64,500 level. The price climbed above the 23.6% Fib retracement level of the recent drop from the $67,255 swing high to the $64,050 low. However, the bears are still active near the $65,500 zone.


Bitcoin is now trading below $65,500 and the 100 hourly Simple moving average. There is also a short-term contracting triangle forming with resistance at $65,400 on the hourly chart of the BTC/USD pair.


On the upside, the price is facing resistance near the $65,400 level and the triangle trend line. The first major resistance could be $65,650 or the 50% Fib retracement level of the recent drop from the $67,255 swing high to the $64,050 low. The next key resistance could be $66,000.


Bitcoin Price

A clear move above the $66,000 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the $66,550 resistance. Any more gains might send BTC toward the $67,500 resistance in the near term.


Another Decline In BTC?


If Bitcoin fails to climb above the $65,650 resistance zone, it could start another decline. Immediate support on the downside is near the $64,850 level.


The first major support is $64,400. The next support is now forming near $64,000. Any more losses might send the price toward the $63,200 support zone in the near term.


Technical indicators:


Hourly MACD - The MACD is now losing pace in the bearish zone.


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


Major Support Levels - $64,400, followed by $64,000.


Major Resistance Levels - $65,400, and $65,650.


Source: Bitcoin Price Could Attempt to Recover Lost Ground But Faces Many Hurdles