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Bitcoin Price Dumped To $66K As Bears Gain Strength, $64K Next?

3 April 2024
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Bitcoin value began one other decline from the $70,000 resistance zone. BTC is down over 5% and there was a transfer beneath the $67,500 help.

Bitcoin value is gaining bearish momentum from the $70,000 resistance zone.
The worth is buying and selling beneath $68,500 and the 100 hourly Easy transferring common.
There’s a key bearish pattern line forming with resistance close to $68,400 on the hourly chart of the BTC/USD pair (information feed from Kraken).
The pair might prolong its decline towards the $64,000 help zone within the close to time period.

Bitcoin Worth Turns Crimson

Bitcoin value struggled to settle above the $70,000 resistance zone. BTC reacted to the draw back after it broke the $69,200 help zone. There was a pointy transfer beneath the $68,500 stage.

The worth even declined beneath the $67,000 stage. Lastly, it examined the $66,000 with a bearish angle. A low was fashioned close to $65,992 and the value is now trying a restoration wave. There was a transfer above the $66,800 stage.

The worth moved above the 23.6% Fib retracement stage of the downward transfer from the $69,884 swing excessive to the $65,992 low. Nonetheless, Bitcoin is now buying and selling beneath $68,500 and the 100 hourly Easy transferring common. There may be additionally a key bearish pattern line forming with resistance close to $68,400 on the hourly chart of the BTC/USD.

Instant resistance is close to the $68,000 stage. It’s near the 50% Fib retracement stage of the downward transfer from the $69,884 swing excessive to the $65,992 low. The primary main resistance could possibly be $68,500 and the pattern line. If there’s a clear transfer above the $68,500 resistance zone, the value might begin a recent improve.

Supply: BTCUSD on TradingView.com

Within the acknowledged case, the value might rise towards the $70,000 resistance zone within the close to time period. The following main resistance is close to the $71,500 zone.

Extra Losses In BTC?

If Bitcoin fails to rise above the $68,000 resistance zone, it might proceed to maneuver down. Instant help on the draw back is close to the $66,000 stage.

The primary main help is $65,000. The following 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 – $66,000, adopted by $65,000.

Main Resistance Ranges – $68,000, $68,500, and $70,000.

Disclaimer: The article is offered for academic 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 might be suggested to conduct your personal analysis earlier than making any funding choices. Use data offered on this web site fully at your personal threat.



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Tags: 64K66kBearsBitcoinDumpedgainPriceStrength
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