Bitcoin Hits Resistance, Faces Risk of Further Drop

Bitcoin struggles to surpass the $67,000 mark due to resistance at the $66,500 level. Failure to break above this threshold may trigger a bearish trend, with potential support levels at $65,200, $64,600, and $64,000. Conversely, significant resistance barriers lie at $66,600, $67,000, and $68,750. Technical indicators, including MACD and RSI, indicate a bearish momentum in the short term.

Bitcoin Faces Resistance at Key Levels, Risking Further Decline

Bitcoin (BTC) has encountered significant resistance in its attempts to regain momentum above the $67,000 zone. The cryptocurrency faces multiple technical hurdles that could potentially lead to a bearish reversal if critical support levels are breached.

Resistance and Market Conditions

At present, Bitcoin is experiencing resistance near the $66,500 and $67,000 levels. It is currently trading below $67,000 and the 100-hour Simple Moving Average (SMA), indicating a bearish bias in the short term.

Furthermore, a major bearish trend line has formed on the hourly chart of the BTC/USD pair, with resistance located near $66,400. This trend line serves as a significant barrier to the cryptocurrency's upward movement.

Upside Potential Limited

Bitcoin's upside potential remains capped as it struggles to overcome these resistance levels. While it briefly moved above $66,000, the bears quickly pushed the price back down.

Immediate resistance is situated near $66,400 and the bearish trend line. If Bitcoin manages to break above this resistance zone, it could face further resistance at $66,600. A decisive move above $66,600 could open the door for a more substantial rally towards the 50% Fibonacci retracement level near $67,950.

However, additional resistance is located at $68,750 and $70,000, which could hinder Bitcoin's upward trajectory in the near term.

Downswing Risks

If Bitcoin fails to突破the $66,600 resistance zone, it could continue its downward movement. Immediate support lies at $65,200, followed by stronger support at $64,600. A close below $64,000 could trigger a significant decline towards the $62,500 level, with further losses potentially extending towards the $60,500 support zone.

Technical Indicators

Hourly MACD (Moving Average Convergence Divergence): The MACD is gaining momentum in the bearish zone, indicating a potential sell signal.

Hourly RSI (Relative Strength Index): The RSI for BTC/USD is currently below the 50 level, suggesting that the market is in a slightly oversold condition, but not yet in a bearish zone.

Support and Resistance Levels

Major Support Levels: $65,200, $64,500, $64,000

Major Resistance Levels: $66,600, $67,000, $67,950, $68,750, $70,000

Disclaimer

This article is for educational purposes only and does not constitute investment advice. Investing in cryptocurrencies involves substantial risk, and readers should conduct their own research before making any investment decisions.