Bitcoin Price Pain Isn’t Over Yet As Selling Pressure Persists

Bitcoin price started a fresh decline below the 65,000 zone. BTC is showing bearish signs and might continue to move down if it dips below 62,000. Bitcoin failed to stay above 65,500 and extended losses. The price is trading below 64,000 and the 100 hourly simple moving average. There is a bearish trend line forming with resistance near 63,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might extend losses if it stays below the 65,000 and 65,500 levels. Bitcoin Price Extends Losses Bitcoin price failed to stay above the 66,500 support zone. BTC remained in a bearish zone and extended losses below the 65,000 level. There was a move below the 64,000 level. The price even dipped below 62,500. A low was formed at 61,255 and the price is still showing many bearish signs. It is below the 23.6 Fib retracement level of the downward move from the 74,070 swing high to the 61,255 low. Bitcoin is now trading below 64,000 and the 100 hourly simple moving average. If the price remains stable above 61,200, it could attempt a fresh increase. Immediate resistance is near the 63,200 level. There is also a bearish trend line forming with resistance near 63,200 on the hourly chart of the BTC/USD pair. The first key resistance is near the 64,000 level. A close above the 64,000 resistance might send the price further higher. In the stated case, the price could rise and test the 65,500 resistance. Any more gains might send the price toward the 65,500 level. The next barrier for the bulls could be 67,650 or the 50 Fib retracement level of the downward move from the 74,070 swing high to the 61,255 low. More Losses In BTC? If Bitcoin fails to rise above the 64,000 resistance zone, it could start another decline. Immediate support is near the 62,000 level. The first major support is near the 61,200 level. The next support is now near the 60,800 zone. Any more losses might send the price toward the 60,200 support in the near term. The main support now sits at 60,000, below which BTC might struggle to recover 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 – 62,000, followed by 61,200. Major Resistance Levels – 64,000 and 65,500.