The price of Bitcoin traded at an all-time high above $69,000 before crashing. BTC is currently consolidating near $63,000 and may decline towards the $60,000 support.
- Bitcoin price made history again, trading at a new all-time high above $69,000.
- The price is trading below $65,000 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 supporting $66,000.
- The pair could extend losses and revisit the key $60,000 support area.
Bitcoin price took a hit.
Bitcoin price continued its upward trend above the resistance level of $68,000. BTC broke the $68,800 level and hit a new all-time high of $69,218. However, there was a strong bearish reaction starting at $69,200.
The price plummeted more than 10%, plummeting toward the $60,000 level. On the hourly chart of the BTC/USD pair, a break has occurred below the main bullish trendline supporting $66,000. A low was made around $59,150 and the price is currently recovering.
There was a move above the $62,000 resistance level. It is currently facing resistance near the $64,000 zone and near the 50% Fib retracement level with a downward move from the $69,218 swing high to the $59,150 low.
Bitcoin is currently trading below $64,000 and the 100-hour simple moving average. Immediate resistance is near the $64,000 level. The next major resistance could be $64,200, above which the price may rise towards the $65,500 resistance area.
Source: TradingView.com BTCUSD
A clear move above the $65,500 resistance zone or the 61.8% Fib retracement level of the downside move from the $69,218 swing high to the $59,150 low could push the price towards the $67,000 level. If more profits are made, the price could rise to the $70,000 level.
Will there be more losses in BTC?
If Bitcoin fails to rise above the $64,200 resistance zone, another downward correction could begin. Immediate support for the downside is near the $62,000 level.
The first major support is $61,500. If there is a close below $61,500, the price could begin a significant pullback towards the $60,000 area. Any more losses could lead the price towards the $58,500 support area.
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 – $64,200, $65,500 and $67,000.
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