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Bitcoin Price Is At Risk of Another Decline – Here’s Why

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Aayush Jindal

Key Highlights

  • Bitcoin price recovered above $63,500 but faced resistance at $65,500.
  • BTC cleared a key bearish trend line at $63,250 on the 4-hour chart.
  • Crude oil prices extended losses and declined below $78.80.
  • Gold might struggle to start a fresh increase above $2,335.

Bitcoin Price Technical Analysis

Bitcoin price formed a base and started a fresh increase above $60,000. BTC/USD was able to clear the $61,500 and $62,500 resistance levels.

Looking at the 4-hour chart, the price cleared a key bearish trend line at $63,250. It even surpassed the $64,200 level and the 100 simple moving average (red, 4 hours). However, the bears were active near the $65,500 resistance and the 200 simple moving average (green, 4 hours).

A high was formed at $65,482 and the price corrected gains. It retested the 100 simple moving average (red, 4 hours). Immediate support is near the $62,000 level.

The next major support sits at $60,000 or the 61.8% Fib retracement level of the upward move from the $56,528 swing low to the $65,482 high. Any more losses might send the price toward the $58,000 support zone.

Immediate resistance is near the $64,600 level. The first key resistance is near the $65,250 zone and the 200 simple moving average (green, 4 hours).

The next resistance is near $65,500. A successful close above $65,500 might start another steady increase. In the stated case, the price may perhaps rise toward the $68,000 level.

Economic Releases

  • US Wholesale Inventories for March 2024 – Forecast -0.4%, versus -0.4% previous.
  • Fed's Jefferson speech.
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