Bitcoin price corrected, gaining from the $66,000 resistance level. BTC fell below $64,000 and could extend short-term losses.
- Bitcoin started a new downward correction from the USD 66,000 resistance zone.
- The price is trading below $64,500 and the 100 hourly Simple Moving Average.
- There was a break below a key bullish trendline with support at $64,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bearish momentum if it dips below the $62,500 support zone.
Bitcoin Price Drops Again, Can Bulls Defend More Losses?
Bitcoin price failed to extend gains above the USD 65,500 and USD 66,000 resistance levels. BTC started a downward correction and traded below the USD 65,000 level.
There was a break below a key bullish trendline with support at $64,500 on the hourly chart of the BTC/USD pair. The bears pushed the price below the USD 64,000 level. A low is formed at $63,225 and the price is consolidating losses.
It tests the 23.6% Fib retracement level of the recent decline from the $66,026 swing high to the $63,225 low. Bitcoin price is now trading below $64,500 and the 100 hourly Simple Moving Average. If there is a new increase, the price may encounter resistance near the USD 64,000 level.
The first major resistance is near the $64,650 level. It is close to the 50% Fib retracement level of the recent decline from the $66,026 swing high to the $63,225 low. A clear move above the USD 64,650 resistance could lead to a fresh rise in the coming sessions.
The next major resistance could be at USD 65,500. The next big hurdle is at $66,000. A close above the USD 66,000 resistance could push the price further higher. In the mentioned case, the price could rise and test the USD 67,200 resistance.
More disadvantages of BTC?
If Bitcoin fails to climb above the USD 64,650 resistance zone, it could continue to decline. The immediate downside support is near the USD 63,250 level.
The first major support is $63,000. The next support is now near $62,500. Any further losses could send the price towards the $60,500 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – $63,225, followed by $63,000.
Major resistance levels – $64,650 and $65,500.