Bitcoin Price 10% Selloff Sparks Fears Of A Deeper Breakdown
·2 min read
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Key facts
It is well below the 23.6% Fib retracement level of the downward move from the $74,070 swing high to the $62,490 low
Major Support Levels, $62,000, followed by $60,000
Bitcoin is now trading below $65,000 and the 100 hourly simple moving average
Hourly RSI (Relative Strength Index), The RSI for BTC/USD is now below the 50 level
Summary
Bitcoin price started a fresh decline below the $68,000 zone. Bitcoin failed to stay above $68,500 and extended losses. The price is trading below $65,000 and the 100 hourly simple moving average. There is a bearish trend line forming with resistance near $65,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).