Bitcoin Price Hints at Downside: Preparing for Potential Declines

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,289,089,968,988	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,289,089,968,988

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-227.11	-0.35%	65,561.16	65,561.15	65,561.16

Price Change

Price Change %

Current Price

Bid Price

Offer

-227.11

-0.35%

65,561.16

65,561.15

65,561.16

High Price	Low Price	Open Price	Prev. Close	52 Week Range
66,266.39	65,432.10	65,808.77	65,788.27	26,321.37 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

66,266.39

65,432.10

65,808.77

65,788.27

26,321.37 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	22:13:52	0.004905	65,561.16	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

22:13:52

0.004905

65,561.16

USD

Price x Volume	Volume	Base Symbol	Related Pairs
184,840,722.67	2,809.47	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

184,840,722.67

2,809.47

Bitcoin Price Hints at Downside: Preparing for Potential Declines

19/07/2024 3:49am

NEWSBTC

Bitcoin price corrected gained from the $66,000 resistance level. BTC dipped below $64,000 and might extend losses in the short term. Bitcoin started a fresh downside correction from the $66,000 resistance zone. The price is trading below $64,500 and the 100 hourly Simple moving average. There was a break below a key bullish trend line with support at $64,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might gain bearish momentum if it dives below the $62,500 support zone. Bitcoin Price Dips Again, Can Bulls Defend More Losses? Bitcoin price failed to extend gains above the $65,500 and $66,000 resistance levels. BTC started a downside correction and traded below the $65,000 level. There was a break below a key bullish trend line with support at $64,500 on the hourly chart of the BTC/USD pair. The bears pushed the price below the $64,000 level. A low is formed at $63,225 and the price is consolidating losses. It is testing the 23.6% Fib retracement level of recent decline from the $66,026 swing high to the $63,225 low. Bitcoin price is now trading below $64,500 and the 100 hourly Simple moving average. If there is a fresh increase, the price could face resistance near the $64,000 level. The first key resistance is near the $64,650 level. It is near the 50% Fib retracement level of recent decline from the $66,026 swing high to the $63,225 low. A clear move above the $64,650 resistance might spark another increase in the coming sessions. The next key resistance could be $65,500. The next major hurdle sits at $66,000. A close above the $66,000 resistance might push the price further higher. In the stated case, the price could rise and test the $67,200 resistance. More Downsides In BTC? If Bitcoin fails to climb above the $64,650 resistance zone, it could continue to move down. Immediate support on the downside is near the $63,250 level. The first major support is $63,000. The next support is now near $62,500. Any more losses might send the price toward the $60,500 support zone in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $63,225, followed by $63,000. Major Resistance Levels – $64,650, and $65,500.

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