Bitcoin price started a downward correction from the USD 65,000 resistance zone. BTC could revisit $61,750 before starting another rise in the near term.
- Bitcoin failed to break the $65,000 resistance zone and correct gains.
- The price is trading below $63,500 and the 100 hourly Simple Moving Average.
- There was a break below a key bullish trendline with support at $63,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could slide further towards the $61,750 level before the bulls emerge.
Bitcoin price cuts gains
Bitcoin price tried to make more gains above the USD 65,000 resistance zone. However, the bears were active and protected more gains. It reached a high at $64,950 and the price is now correcting gains.
There was a decline 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 the $64,950 high. Moreover, there was a break below a key bullish trendline with support at $63,400 on the hourly chart of the BTC/USD pair.
Bitcoin is now 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 zone. It is close to the 50% Fib retracement level of the upward wave from the $58,572 swing low to the $64,950 high.
On the upside, the price could encounter resistance near the USD 63,500 level. The first major resistance is around the $64,000 level. A clear move above the USD 64,000 resistance could push the price further higher in the coming sessions. The next major resistance could be at USD 65,000.
A close above the $65,000 resistance could provide more upside. In the mentioned case, the price could rise and test the USD 66,500 resistance.
More disadvantages of BTC?
If Bitcoin fails to rise above the USD 63,500 resistance zone, it could continue to decline. The immediate downside support is near the USD 62,500 level.
The first major support is at $62,200. The next support is now near the $61,750 zone. Any further losses could send the price towards the USD 60,000 support in the short 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 – USD 62,200, followed by USD 61,750.
Major resistance levels – $63,500 and $64,000.
