Bitcoin Price Dips: Key Support and Resistance Levels
Bitcoin Price Today: Trading Near Key Levels Around $65K
FUNDAMENTAL OVERVIEW:
Bitcoin’s price dipped slightly on Wednesday, extending its recent decline amid concerns about the global economy’s health.
Bitcoin trades around critical levels.
The prospect of prolonged higher U.S. borrowing costs has dampened enthusiasm in the cryptocurrency market, including for bitcoin, the world’s largest cryptocurrency.
Despite last week’s weaker-than-expected U.S. inflation data, Federal Reserve officials have emphasized the need for more progress in curbing inflation. Consequently, the U.S. central bank now forecasts only one interest rate cut this year, down from three previously anticipated.
Recent data, such as Tuesday’s U.S. retail sales report, indicate consumers are feeling the strain of elevated interest rates.
With the U.S. observing the Juneteenth holiday, trading activity will likely be limited on Wednesday, but bitcoin is trading near key levels that could determine its short-term trajectory.
According to the analytics, bitcoin rebounded toward $67,000. However, this level may act as resistance, and breaking it could set Bitcoin on a path toward $69,500. Conversely, the $65,000 mark is a crucial psychological support level, vital for maintaining investor confidence.
Bitcoin reached a record high of $73,797.68 on March 14, and it last approached this level at the beginning of June.
BITCOIN TECHNICAL ANALYSIS DAILY CHART:
Technical Overview:
Bitcoin is trading within a down channel.
Bitcoin is moving below all the Moving Averages (SMA).
The Relative Strength Index (RSI) is in an oversold zone, while the Stochastic oscillator suggests a Neutral trend.
Immediate Resistance level: 66713.21
Immediate support level: 64546.03
HOW TO TRADE BITCOIN
After hitting a record high, Bitcoin declined and has since been trading within a significant range. Currently, it is hovering around a crucial support level. If Bitcoin maintains and holds this support, prices could potentially move further upward again.