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.
