Bitcoin’s price began a downward correction after it reached the resistance level of $65,000. BTC may revisit $61,750 in order to start a new increase.
- Bitcoin has failed to break through the resistance level of $65,000 and corrected its gains.
- This price has fallen below $63,500, and is now trading under the 100-hour Simple Moving average.
- On the hourly chart for the BTC/USD, there was a breakdown below the key bullish line. Support is at $63,400 (data from Kraken).
- It is possible that the pair will slip towards $61,750 before bulls start to appear.
Bitcoin Price Gains Reduced
Bitcoin prices continue to rise above previous levels $65,000 resistance zone. The bears, however, were more active in protecting gains. Price is correcting after reaching a new high at $64,950.
The price fell below the $64,000 mark. The price was below the Fib 23.6% retracement of the ascending wave between the $58,572 swing-low and the $64,950 peak. On the hourly BTC/USD charts, a breakout below a bullish trendline with support of $63,400 was also observed.
Bitcoin has fallen below the $63,500 mark. 100 hourly Simple moving average. Price action indicates that it could continue to slide towards the $61,750 zone of support. The price is near the Fib 50% retracement of the uptrend from the swing low at $58,572 to the high at $64,950.
The price may face resistance on the upside near $63,500. First, the price will face resistance near $64,000. The price could move higher in future sessions if it clears the resistance of $64,000. The next major resistance may be $65,000.
The price could rise further if it closes over the $65,000 barrier. Price could test $66,500 in the case stated.
BTC Could have more downsides than you think?
Bitcoin may continue its downward trend if it does not rise above $63,500. Near the $62,500 mark, there is immediate support for the downside.
First major support: $62,200. Next support lies near $61,750. If the market continues to fall, it could push the price towards the $60k support level in the short term.
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 – $62,200, followed by $61,750.
Major Resistance Levels – $63,500, and $64,000.
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Source: www.newsbtc.com
