Bitcoin Faces Continued Downward Pressure Amid Bearish Trends
- Bitcoin price fell below the $65,000 level, indicating a bearish trend.
- BTC is trading under $64,000 and the crucial hourly simple moving average.
- A low was recorded at $61,255 with potential for further losses if support levels are breached.
- Immediate resistance is noted at $63,200 with a key resistance at $64,000.
- Major support levels are identified at $62,000 and $61,200.
The Bitcoin market is experiencing selling pressure as prices continue to decline below significant thresholds like $65,000 and $64,000. The bearish trend is reinforced by trading below the hourly simple moving average and key support levels being tested.
If Bitcoin fails to break above the immediate resistance of $64,000, further declines could be expected towards major supports near $62,000 and potentially lower levels like $60,800 or even $60,200 if selling pressure persists. (Source)
