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Bitcoin price started a downside correction from the resistance area at $65,000. Bitcoin price may revisit $61,750 before starting a new rally in the near term.
- Bitcoin failed to surpass the $65,000 resistance area and corrected gains.
- The price is trading below the $63,500 level and the 100-hour simple moving average.
- There was a break below a major bullish trend line with support at $63,400 on the hourly chart of the BTC/USD pair (data from Kraken).
- The pair could slide further towards the $61,750 level before the bulls emerge.
Bitcoin price trims gains
Bitcoin price tried to make more gains above Resistance area $65000However, the bears were active and maintained further gains. A high was formed at $64,950 and the price is now correcting the 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 $64,950 high. Moreover, there was a break below a major bullish trend line with support at $63,400 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading below $63,500. 100 hour simple moving averageThe current price action suggests that the price could slide further towards the support zone at $61,750. It is close to the 50% Fib retracement level of the uptrend 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 lead to further gains. In the mentioned case, the price could rally and test the $66,500 resistance level.
Are there more negatives to BTC?
If Bitcoin fails to rise above the resistance area at $63,500, it may continue to decline. Immediate support on the downside is near the $62,500 level.
The first major support is $62,200. The next support 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 now gaining momentum in the bearish zone.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now below the 50 level.
Key support levels – $62,200, followed by $61,750.
Key resistance levels – $63,500, $64,000.
