Bitcoin started to correct downwards from $65,000. BTC may revisit $61,750 in order to start a new increase.
- Bitcoin’s gains were corrected after it failed to pass the $65,000 resistance area.
- Price is below the Simple Moving Average of 100 hours and $63,500.
- 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).
- Before the bulls emerge, the pair could slip even further towards the $61,750 mark.
Bitcoin price trims gains
Bitcoin Price Attempts to Rise Above the Previous Level $65,000 resistance zone. The bears however were very active, and they protected even more gains. The price has corrected gains after a high of $64,950 was reached.
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 chart, the price broke below the key bullish line that provides support at $63,400.
Bitcoin has fallen below the $63,500 mark. 100 hourly Simple moving average. The price may continue its downward slide toward the support area of $61,750. This is very close to 50% Fib of the rise from the $58,572 low swing to $64,950.
Price could be facing resistance in the vicinity of $63,500. The $64,000 mark is the first major resistance. The price could move higher in future sessions if the resistance level of $64,000 is cleared. A clear break above the $64,000 resistance might send the price higher in future sessions. next The key to resistance is $65,000.
If the price closes above $65,000, it could spark further upsides. Price could test $66,500 in the case stated.
BTC: More downsides?
Bitcoin may continue its downward trend if it does not rise above $63,500. The $62,500 support level is the immediate downside support.
The initial major contribution is $60,200. The initial major assistance is $62200. next The support zone is close to $61,750. If the market continues to fall, the support level could be pushed closer to $60,000.
The following are 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