Bitcoin Price Dips: Could This Be the Beginning of a New Downtrend?

July 24, 2024 01:39 PM AEST | By Team Kalkine Media

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Bitcoin Price Dips: Could This Be the Beginning of a New Downtrend? — Image source: shutterstock

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Bitcoin Price Struggles Below $68,500 Resistance: Potential for Further Decline Below $65,500 Support

Bitcoin has encountered resistance at the $68,500 level, initiating a correction phase. It is now trading below $66,500 and the 100-hourly simple moving average, indicating potential further declines.

Key points:

Bitcoin started a correction from the $68,500 resistance zone.
The price is trading below $66,500 and the 100-hourly SMA.
A break below a key bullish trend line at $67,200 on the BTC/USD hourly chart (data feed from Kraken) has occurred.
The pair may extend losses, potentially dropping below the $65,500 support zone.

Current Price Action:

Bitcoin price has not sustained levels above the $66,500 and $67,000 resistance zones, moving into a short-term bearish trend below $66,000. The break below the bullish trend line at $67,200 led to a dip below $65,500, with a low of $65,458, followed by consolidation of losses. The price is trading below the 23.6% Fib retracement level of the recent decline from $68,240 to $65,458.

Bitcoin is now under the $66,500 mark and the 100-hourly SMA. If a fresh increase occurs, resistance may be faced near $66,150.

Resistance Levels:

The first key resistance is at $66,800 (50% Fib retracement of the recent decline).
Further resistance lies at $67,100 and $67,200. A move above $67,200 could lead to a test of the $68,000 resistance.

Potential for Further Decline:

If Bitcoin cannot surpass the $67,200 resistance, a further decline is possible. Immediate support is near $65,500, with additional support at $65,080 and $64,200. More losses could drive the price towards the $63,500 support zone in the near term.

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