Bitcoin’s price has experienced a downward correction from its recent resistance at $65,000. This correction may lead to a potential revisit to the $61,750 level before the cryptocurrency begins its next upward movement.
The price of Bitcoin failed to surpass the $65,000 resistance zone and has since corrected its gains. As a result, it is currently trading below both the $63,500 level and the 100 hourly Simple Moving Average. Furthermore, a significant bullish trend line with support at $63,400 was broken on the hourly chart of the BTC/USD pair.
At present, Bitcoin is trading below the 100 hourly Simple Moving Average and has dipped below $63,500. The current price action suggests that it may fall further towards the $61,750 support zone. This level is close to the 50% Fibonacci retracement level of the upward wave from the swing low at $58,572 to the high at $64,950.
Resistance levels to keep an eye on include $63,500 and $64,000, with a clear breakthrough above $64,000 potentially leading to higher prices in future sessions. The $65,000 level is the next key resistance level to watch.
A close above the $65,000 resistance level could trigger further upward movement, potentially testing the $66,500 resistance level. However, if Bitcoin fails to rise above $63,500, it could indicate further downward movement. Immediate support can be found at the $62,500 level, followed by major support levels at $62,200 and $61,750. Any additional losses may potentially push the price towards the $60,000 support level.
Technical indicators show that the MACD is currently gaining momentum in the bearish zone, while the RSI for BTC/USD has dropped below the 50 level.
To summarize, Bitcoin’s price has slipped from its recent highs but still has key support levels intact. While a downward correction is currently underway, there is potential for a fresh increase in the near future.