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Bitcoin Price At Risk of More Downsides Below $65K

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Aayush Jindal

Key Highlights

  • Bitcoin price started a fresh decline below $69,000 and $68,000.
  • BTC traded below a key bullish trend line with support at $68,350 on the 4-hour chart.
  • Crude oil price rallied further above $85.00.
  • Gold price also climbed higher toward the $2,300 level.

Bitcoin Price Technical Analysis

Bitcoin price failed to stay above $70,000 and started a fresh decline. BTC traded below the $69,000 and $68,000 support levels to move into a short-term bearish zone.

Looking at the 4-hour chart, the price traded below a key bullish trend line with support at $68,350. It even settled below the $67,500 level, and the 100 simple moving average (red, 4 hours), and the 200 simple moving average (green, 4 hours).

There was a spike toward the 61.8% Fib retracement level of the upward move from the $60,808 swing low to the $71,851 high. The price is now consolidating losses.

Immediate support is near the $65,000 level. The next major support is near the 76.4% Fib retracement level of the upward move from the $60,808 swing low to the $71,851 high at $63,400.

Any more losses might send the price toward the $62,000 support zone. Immediate resistance is near the $67,500 level and the 100 simple moving average (red, 4 hours). The next resistance is near $68,000. The main resistance could be $71,850.

A successful close above $71,850 might start another steady increase. In the stated case, the price may perhaps rise toward the $73,600 level.

Economic Releases

  • US Initial Jobless Claims - Forecast 214K, versus 210K previous.
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