Bitcoin’s price has corrected from its resistance of $66,000. BTC dropped below $64,000, and could extend short-term losses.
- Bitcoin has started another correction to the downside from $66,000.
- Price is below the Simple Moving Average of 100 hours and $64,500.
- On the hourly chart for the BTC/USD, there was a breakdown below the key bullish line. Support is at $64,500 (data from Kraken).
- It is possible that the pair could lose momentum in a downward direction if it falls below $62,500.
Bitcoin price dips again, can bulls defend more losses?
Bitcoin failed to continue its gains beyond the $65,500 and $66,000 resistance levels. BTC has started to correct downwards and is trading under the $65,000 mark.
On the hourly BTC/USD chart, there was a breakdown below the key bullish line. Support is at $64,500. Bears drove the price down to $64,000. The price has reached a low of $63,225, and is continuing to decline.
Bitcoin is currently testing the 23.6% level for the Fibo retracement from the swing low of $63,225 to the high of $66,026. Bitcoin’s price has dropped below $64,500. 100 hourly Simple moving average. Price could be held back by $64,000.
It is close to the 50% Fib retracement level of recent decline from $66,026 swing high to $63,225 low. The level is also near the 50 percent Fib retracement for the recent fall from the swing-high of $66,026 down to the current low of $63,225. Another increase could be triggered in the next sessions if the resistance level of $64,650 is broken.
Next, the next major obstacle could be $65,500. The next big obstacle will be $66,000. If the price is able to close over the $66,000 barrier, it could push further upwards. The price may rise to test $67,200 as stated in the case.
BTC: More downsides?
Bitcoin could fall further if it fails to break through the resistance level of $64,650. Support on the downside near $63,250 is immediate.
First, we need to raise $63,000. Now, the next major support lies near $62,500. If the market continues to fall, it could push the price down toward $60,000.
Indicators of technical indicators
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $63,225, followed by $63,000.
Major Resistance Levels – $64,650, and $65,500.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: www.newsbtc.com
