Bitcoin’s price reached a new record high of $69,000, before it crashed. BTC has now settled near $63,000, and could fall towards the $60,000 level.
- Bitcoin’s price has made history once again, trading to a record high of $69,000.
- The price is below $65,000, and the 100-hour Simple Moving Average.
- The hourly chart of BTC/USD showed a break beneath a bullish key trend line. Support was at $66,000. (Data feed from Kraken).
- The pair could extend their losses and return to the important $60,000 support area.
Bitcoin price drops by a significant amount
Bitcoin price continued to rise above the $68,000 barrier. BTC broke through the $68,800 mark and traded at a new all-time high At $69,218. There was a significant bearish reaction at $69,200.
The price dropped over 10%, and sank towards the $60,000 area. On the hourly chart for the BTC/USD, there was a break under a bullish trendline with a support of $66,000. A low was created near $59150, and now the price is attempting to recover.
The resistance level of $62,000 was broken. Now, it is facing resistance in the $64,000 region and at the 50% Fib Retracement Level of the downward movement from the $69 218 swing high level to the $59 150 low.
Bitcoin has fallen below the $64,000 mark. 100 hourly Simple moving average. The immediate resistance level is around $64,000. The immediate resistance level is around $64,000. next The key resistance level could be $64,200. If it is exceeded, the price could move towards the $65,500 zone.
Source: BTCUSD on TradingView.com
The price may rise to $67,000 if there is a clear break above the $65,500 zone of resistance or the 61.8% Fib level retracement of the decline from the swing high $69,218 to the low $59,150. The price could rise to the $70,000 level if there are any more gains.
BTC: More losses in the BTC?
Bitcoin’s price could fall if it does not rise above $64,200. The $62,000 level is the immediate support for the downside.
First, $61,500 is a major support. If there is a closing below $61,500, then the price may start to pull back towards the $60,000 region. Any further losses could send the price towards the $58,500 area of support.
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 – $62,000, followed by $60,000.
Major Resistance Levels – $64,200, $65,500, and $67,000.
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