Bitcoin’s price recently extended its upward movement beyond the $66,000 mark. However, BTC is currently undergoing a correction, slipping below $65,500 and may continue its descent towards $64,000.
- Bitcoin is experiencing a correction from the $66,500 zone.
- The current price is below $65,250 and the 100-hourly Simple Moving Average (SMA).
- A break occurred below a short-term bullish trend line with support at $65,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could initiate another increase if it remains above the $64,000 support zone.
Bitcoin Price Starts Downside Correction
Bitcoin’s price found support near the $63,250 level and extended its increase beyond the $65,500 resistance zone. The price even surpassed the $66,000 level, reaching a high of $66,452. However, it has since started to correct, dropping below the $66,000 mark.
During the correction, the price fell below the 23.6% Fib retracement level of the upward move from the $62,672 swing low to the $66,452 high. Additionally, there was a break below a short-term bullish trend line with support at $65,750 on the hourly chart of the BTC/USD pair. Currently, Bitcoin is trading below $65,500 and the 100-hourly SMA.
The bulls are striving to defend the $64,500 zone. Should there be a resurgence, the price may encounter resistance near the $65,250 level. The first significant resistance is around the $65,500 level. A decisive move above this resistance could propel the price higher.
The subsequent key resistance is at $66,500. A close above this level might trigger further gains, potentially pushing the price towards the $68,000 resistance level.
More Losses in BTC?
If Bitcoin fails to surpass the $65,500 resistance zone, it might continue its downward trajectory. Immediate support on the downside is near the $64,200 level, coinciding with the 61.8% Fib retracement level of the upward move from the $62,672 swing low to the $66,452 high.
The first major support lies around the $64,000 level. Beyond this, the next support is near the $63,500 zone. Should the price experience further losses, it may approach the $62,650 support in the near term.
Technical Indicators
- Hourly MACD: The MACD is currently gaining momentum in the bearish zone.
- Hourly RSI (Relative Strength Index): The RSI for BTC/USD is now below the 50 level.
- Major Support Levels: $64,200, followed by $64,000.
- Major Resistance Levels: $65,250, and $65,500.
