Bitcoin price started a downside correction from the $65,000 resistance zone. BTC could revisit $61,750 before starting to rise again in the near term.
Bitcoin failed to clear the $65,000 resistance zone and corrected gains.
The price is trading below the $63,500 level and the 100 hourly simple moving average.
There was a break above a key bullish trend line with support at $63,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could slide further towards $61,750 before buyers step in.
Bitcoin Price Cuts Gains
Bitcoin price attempted to increase further above the $65,000 resistance zone. However, the bears remained active and defended more gains. A high was formed at $64,950 and the price is currently correcting the gains.
There was a break below the $64,000 level. The price traded below the 23.6% Fib retracement level of the upward wave from the $58,572 swing low to $64,950 high. Besides, there was a break below a key bullish trend line with support at $63,400 on the hourly chart of the BTC/USD pair.
Bitcoin is currently trading below $63,500 and the 100 hourly simple moving average. The current price action suggests that the price could slide further towards the $61,750 support area. It is close to the 50% Fib retracement level of the upward wave from the $58,572 low to $64,950 high.
On the upside, the price could face resistance near the $63,500 level. The first major resistance is near the $64,000 level. A clear move above the $64,000 resistance could push the price higher in the coming sessions. The next major resistance could be at $65,000.
A close above the $65,000 resistance level could trigger more upside. In the case mentioned, the price could rise and test the $66,500 resistance level.
Are there more downsides to BTC?
If Bitcoin fails to clear the $63,500 resistance zone, it could continue to decline. Immediate support on the downside is near the $62,500 level.
The first major support level is at $62,200. The next support level is now near the $61,750 area. Any further losses could push the price towards the $60,000 support level in the near term.
Technical indicators:
Hourly MACD – The MACD is currently accelerating in the bearish zone.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is currently below the 50 level.
Major support level – $62,200, followed by $61,750.
Major resistance levels – $63,500 and $64,000.
The post Bitcoin Price Drops But Key Support Level Remains Intact appeared first on Crypto Breaking News.
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