(function() { var didInit = false; function initMunchkin() { if(didInit === false) { didInit = true; Munchkin.init('105-GAR-921'); } } var s = document.createElement('script'); s.type = 'text/javascript'; s.defer = true; s.src = '//munchkin.marketo.net/munchkin.js'; s.onreadystatechange = function() { if (this.readyState == 'complete' || this.readyState == 'loaded') { initMunchkin(); } }; s.onload = initMunchkin; document.getElementsByTagName('head')[0].appendChild(s); })();(function(h,o,t,j,a,r){ h.hj=h.hj||function(){(h.hj.q=h.hj.q||[]).push(arguments)}; h._hjSettings={hjid:1422437,hjsv:6}; a=o.getElementsByTagName('head')[0]; r=o.createElement('script');r.defer=1; r.src=t+h._hjSettings.hjid+j+h._hjSettings.hjsv; a.appendChild(r); })(window,document,'https://static.hotjar.com/c/hotjar-','.js?sv=');

Aayush Jindal

Key Highlights

  • Bitcoin price started another decline below the $60,000 support zone.
  • BTC is trading below a major bearish trend line with resistance at $63,800 on the 4-hour chart.
  • EUR/USD remained stable and attempted to recover above 1.0720.
  • Oil prices are eyeing more upsides above the $82.50 resistance.

Bitcoin Price Technical Analysis

Bitcoin price failed to clear the $66,500 resistance zone and started a fresh decline. BTC/USD traded below many supports such as $65,500 and $65,000.

Looking at the 4-hour chart, the price settled well below the $65,000 zone, the 100 simple moving average (red, 4 hours), and the 200 simple moving average (green, 4 hours). The bears even dragged the price below the $62,000 support zone.

They seem to be aiming for a move toward the $57,500 support zone. If there is a recovery wave, the price could face resistance near the $61,400 level.

The first key resistance is near the $63,500 zone. There is also a major bearish trend line forming with resistance at $63,800 on the 4-hour chart. The trend line is close to the 61.8% Fib retracement level of the downward move from the $66,542 swing high to the $58,209 low.

The next resistance is near $66,500 and the 100 simple moving average (red, 4 hours). A successful close above $66,500 might start another steady increase. In the stated case, the price may perhaps rise toward the $68,000 level.

Conversely, Bitcoin might extend losses. Immediate support is near the $60,000 level. The main support sits at $59,200. Any more losses might send the price toward the $57,500 support zone.

Today’s Economic Releases

  • Fed's Bowman speech.