📉 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 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.

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