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Bitcoin Hits $64K, Faces Bearish Reversal, Will it Hold or Drop Further?
Bitcoin has recently hit above $64,000 exhibiting a bearish reversal. Will the top digital asset be able to hold or escalate further downtrend?
Bitcoin’s price is extending deeper as it faced massive selling pressure earlier today around $64,000. The leading asset is having a hard time to moving past the key resistance level. As a result, the asset witnessed a sudden fall and dropped to $63,420.
However, Bitcoin seems to have caught some bids around the $63,000 support level amid another downtrend. Concurrently, the benchmark cryptocurrency is down nearly 1% over the past 24 hours to $63,200.
Bitcoin’s recent sell-off was triggered after the Federal Reserve announced the increasing headline inflation in the United States which is causing investors to sell off risky assets including Bitcoin. However, Bitcoin retested the $63,000 support and made several attempts to test the resistance level at $63,500.
In the coming trading sessions, if the price of Bitcoin fails to hold the $63,000 support, it may not be able to move above the $63,500 resistance level. In case of a drop below the $63,000 support, it may further cause a downward pressure causing the price to fall to $62,800 or below.
The daily Relative Strength Index (RSI) has dropped below 60 levels indicating that the bulls are losing momentum. If the RSI continues to fall, Bitcoin may even drop below the $63,000 support level.
On the upside, if Bitcoin manages to break and hold above the $63,500 resistance level, it could open doors for a fresh increase. In this case, the price could reach $64,000 and eventually test the main resistance at $65,000.
The technical indicators suggest that Bitcoin may consolidate above the $63,000 support, and can recover towards the $64,000 level in the short term. Despite the recent bearish trend, Bitcoin is still considered a strong buying opportunity for long-term holders and investors.
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