Bitcoin Price Turns Red And At Risk of More Downsides Below $63K

Apr 26, 2024 02:00 am Cryptocurrency 77

Bitcoin price failed to recover above the $65,500 resistance. BTC is again moving lower and there is a risk of more downsides below $63,000.

Bitcoin started another decline after it failed to surpass the $65,500 resistance zone.

The price is trading below $64,500 and the 100 hourly Simple moving average.

There is a connecting bearish trend line forming with resistance at $64,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could accelerate lower if there is a daily close below the $63,000 support zone.

Bitcoin Price Faces Hurdles

Bitcoin price started a recovery wave from the $62,750 support zone. BTC was able to climb above the $64,000 and $64,500 resistance levels. However, the price failed to clear the $65,500 resistance zone.

A high was formed at $65,300 and the price started another decline. There was a move below the $64,500 level. The price tested the 50% Fib retracement level of the recovery wave ..

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