Is the Bitcoin price downward thrust over or is the bear market not over yet?

The price of Bitcoin began to fall sharply, falling below $70,000. Bitcoin has gained bearish momentum due to rising tensions between Israel and Iran. The price dropped sharply to below $66,000 and $65,000.

The price fell by more than 10% and even tested the $60,500 support level. A low was formed near $60,495 and the price is currently trying to recover the wave. It climbed above $62,500 and $63,000. Falling from a swing high of $23.6 to a low of $71,200, the price broke above the 60,495% Fibonacci retracement level.

Bitcoin is currently trading below $67,000 and the 100-hour simple moving average. The immediate resistance is located near $65,800. A key ascending channel has also formed on the hourly chart of the BTC/USD pair with resistance at $65,850. It is close to the 50% Fib retracement level of the downward movement from the $71,200 swing high to the $60,495 low.

The first major resistance level is likely to be $66,000. The next resistance level is now $68,000 and the 100-hour simple moving average. If the $68,000 resistance zone is clearly breached, the price may continue to rise. In the above scenario, the price may rise to $70,000. The next major resistance is near the $71,200 area. If Bitcoin rises further, it could push Bitcoin towards the $72,500 resistance zone in the near term.

If Bitcoin fails to break above the $66,850 resistance, it could start another decline. The immediate support for the downside is near the $64,500 level.

The first major support level is $63,000. If the closing price is below $63,000, the price may start to decline towards the $62,000 level. Any more losses could cause the price to rise to the $60,500 support zone in the short term.

Technical indicator:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major support level – $64,500, followed by $63,000.

Major resistance levels – $65,850, $66,000 and $68,000.

Crypto data tracker Whale Alert reported that "$5,000 worth of 351,342,888 BTC was transferred from one unknown wallet to another." "The transaction involved a Bitcoin whale (a term used to describe a holder of a large number of cryptocurrencies) who transferred large sums of money to another whale's wallet.

With the crypto community closely watching, the real motive behind this transfer remains a mystery. Whether this is a prelude to a larger market development, a purely routine transfer, or an over-the-counter transaction that takes place outside of crypto exchanges remains to be determined.

(Source: Aayush Jindal)