Bitcoin price failed to break the $65,500 resistance level. BTC is currently in a downward trend and is showing some signs of weakness below the $63,500 level.
- Bitcoin began a new downward correction and was trading below $63,500.
- The price is trading below $63,350 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), a break has occurred below the main bullish trendline with support at $63,700.
- The pair may extend losses and revisit the $60,000 support zone in the near term.
Bitcoin price rejects $65,500.
Bitcoin price continued its upward trend above the $64,500 level. However, BTC had difficulty clearing the $65,500 resistance zone. A high was formed at $65,550 and the price is currently correcting to the upside.
There was a move below the $64,000 level. Prices fell below the 23.6% Fib retracement level of the bullish wave from the $56,380 swing low to the $65,550 high. Moreover, a break occurred below the main bullish trendline supporting $63,700 on the hourly chart of the BTC/USD pair.
Bitcoin is currently trading below $63,500 and the 100-hour simple moving average. Immediate resistance is near the $63,350 level. The first major resistance could be at $64,000. The next major resistance could be $65,000.
Source: TradingView.com BTCUSD
The main hurdle currently is $65,500. A clear break above the $65,500 resistance could push the price higher. The next resistance level is now at $66,650. If the price closes above the $66,650 resistance zone, the price may continue to rise. If specified, the price could go as high as $68,000.
Will there be more losses in BTC?
If Bitcoin fails to rise above the $63,500 resistance zone, it may continue to fall. Immediate support for the downside is near the $62,000 level.
The first major support is the $61,000 or 50% Fib retracement level of the upward wave from the $56,380 swing low to the $65,550 swing high. If the closing price falls below $61,000, the price may begin to fall towards $60,000. More losses could push the price towards the $58,000 support area in the near term.
Technical indicators:
Hourly MACD – MACD is now picking up speed in bearish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now below the 50 level.
Key support levels – $62,000, $60,000.
Key resistance levels – $63,500, $64,000 and $65,500.
Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.