The price of Bitcoin has risen past $66,000. Currently, BTC is undergoing a correction below $65,500 and may continue to decline toward $64,000.
- Bitcoin is adjusting from the $66,500 area.
- The price is trading beneath $65,250 and the 100-hourly Simple Moving Average.
- A break occurred below a short-term bullish trend line, with support at $65,750 on the hourly chart for the BTC/USD pair (data feed from Kraken).
- If the pair holds above the $64,000 support area, it may initiate another increase.
Bitcoin Price Begins Downtrend Correction
The price of Bitcoin found support around the $63,250 level. BTC surged above the $65,500 resistance zone and managed to surpass $66,000.
A peak was reached at $66,452, and now the price is correcting its gains. It fell below the $66,000 mark, dropping beneath the 23.6% Fibonacci retracement level of the ascent from the $62,672 swing low to the $66,452 high.
A break was observed below a short-term bullish trend line with support at $65,750 on the hourly BTC/USD chart. Bitcoin is currently trading below $65,500 and the 100-hourly Simple Moving Average.
The bulls are attempting to defend the $64,500 region. If a fresh increase occurs, the price may encounter resistance near $65,250. The initial significant resistance is around the $65,500 level. A decisive move above this resistance could propel the price higher.
The next significant resistance may be at $66,500. A close above this resistance level could trigger further upward movement. In this scenario, the price could rise to test the $68,000 resistance level.
Could There Be Further Losses In BTC?
If Bitcoin fails to surpass the $65,500 resistance zone, it might continue to decline. Immediate support on the downside is located near the $64,200 level, which aligns with the 61.8% Fibonacci retracement level of the upward move from the $62,672 swing low to the $66,452 high.
The first major support level is at $64,000, followed by the next support around the $63,500 zone. Any additional losses could see the price heading toward the $62,650 support level in the near term.
Technical indicators:
Hourly MACD – The MACD is currently gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is positioned below the 50 level.
Major Support Levels – $64,200, followed by $64,000.
Major Resistance Levels – $65,250, and $65,500.
