Bitcoin failed to overcome the $65,500 barrier. BTC now is moving downwards and there have been a few signs of bearishness below $63,500.
- Bitcoin has started another correction to the downside and is trading under $63,500.
- The current price of the stock is lower than $63,350, and below 100-hour Simple moving average.
- The hourly chart shows a breakout below a bullish major trendline with support at $63700. (Data feed from Kraken).
- In the short term, the pair may extend its losses and return to the support zone of $60,000.
Bitcoin Price Rejects: $65,500
Bitcoin prices extended their increase beyond the previous record. $64,500 level. BTC has struggled, though, to break through the $65,500 zone of resistance. The price has corrected gains after a high at $65,550.
A move was made below $64,000. Price fell below the Fib 23.6% retracement of the ascending wave between the swing low at $56,380 and the high at $65,550. The price of BTC/USD broke through a bullish major trendline with support located at $63,700.
Bitcoin has fallen below the $63,500 mark. 100 hourly Simple moving average. Near the level of $63,350, there is immediate resistance. First major resistance may be at $64,000. First, you might have to pay $64,000. next Key resistance can be as high as $65,000.
Source: BTCUSD on TradingView.com
Now, the main obstacle is $65,500. The price could move higher if it moves above $65,500. A clear move above the $65,500 resistance might send the price higher. next Resistance is currently at $66,650. Price could move higher if there’s a close over the resistance area of $66,650. The price may rise to $68,000 in the case stated.
BTC Losses Increased?
Bitcoin could fall further if it fails to break through the resistance level of $63,500. The $62,000 area is the immediate support to the downside.
First major support at $61,000 is the Fib 50% retracement of the uptrend from the swing low $56,380 to the high $65,550. The price may start dropping towards $60k if there is a closing below $61,000. If the price continues to drop, it could soon reach the $58,000 zone of support.
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 – $62,000, followed by $60,000.
Major Resistance Levels – $63,500, $64,000, and $65,500.
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