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Analyzing the Sudden Drop in Bitcoin

Bitcoin’s price has started another decline, struggling near $64,550. It dropped below the $63,500 support and might continue to move down. 

Kraken bug exploit, cryptocurrency exchange logo.
Source: Coinbackyard

Decline from $64,550 Resistance 

Bitcoin started its decline from the $64,550 resistance level. The price is now trading below $63,500 and the 100-hour Simple Moving Average. If the price drops below the $62,700 and $62,500 support levels, further losses are likely. 

Bitcoin failed to recover above the $65,000 level, struggling near $64,550. A steady decline occurred below the $64,000 and $63,500 levels. The price even fell below $63,000, reaching a low at $62,700 and is now consolidating losses. 

Key Resistance and Potential Increase 

The first major resistance is at $64,000, with another at $64,500, aligning with the 50% Fib retracement level. A clear move above $64,500 might lead to a steady increase, potentially testing the $65,500 resistance. Further gains could push BTC toward $66,200 in the near term. 

Possible Further Declines 

If Bitcoin fails to climb above the $63,550 resistance, it could continue its downward trend. Immediate support lies near $62,700, with the first major support at $62,200. Another support level is forming near $62,000. Any more losses might send the price toward the $61,200 support zone. 

Major Support Levels: $62,700 and $62,200.  

Major Resistance Levels: $63,550 and $64,500. 

June 24, 2024 at 11:17 am

Updated June 24, 2024 at 11:17 am

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