Bitcoin Price Could Struggle And Continue Lower – Here’s Why

Apr 4, 2024 04:00 am Cryptocurrency 49

Bitcoin price is struggling to recover above the $67,000 zone. BTC could gain bearish momentum if there is a close below the $64,500 level.

Bitcoin is facing many hurdles near the $66,500 and $67,000 levels.

The price is trading below $67,000 and the 100 hourly Simple moving average.

There is a major bearish trend line forming with resistance near $66,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair is now at risk of a downside break below the $64,500 support zone.

Bitcoin Price Upsides Remain Capped

Bitcoin price started a consolidation phase after there was a drop toward the $64,500 level. BTC traded as low as $64,572 and recently attempted a minor recovery wave.

There was a move above the $66,000 level. The price climbed above the 23.6% Fib retracement level of the downward wave from the $71,305 swing high to the $64,570 low. However, the bears were active near the $66,600 level.
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