Bitcoin Bounces Back from $67,000 High, Teetering Above $63,650 Support Level


Despite a valiant effort to breach the $67,000 resistance, Bitcoin fell short of its mark. What seemed like an unstoppable rise in value has taken a hit, with Bitcoin now hovering precariously above the $63,650 support level.

An attempt was made to toe the line over the $67,200 resistance barrier but Bitcoin began a descent after it failed to cross this threshold. The digital currency has seen its trading price slip beneath the $65,000 mark and has failed to keep pace with the 100-hour Simple Moving Average.

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A significant development came in the form of a breach beneath a crucial bullish trend line, which previously bolstered support at $66,200, according to the hour-by-hour chart of the Bitcoin-USD pair reported by currency exchange Kraken. Although a potential upward correction is likely, the bears are expected to maintain their presence around the $65,500 mark.

The popularity of Bitcoin seemed unstoppable, but it faltered in its attempt to break through the resistance levels set at $67,000 and $67,200. This led to the formation of a short-term topping pattern and a fresh decline emerged, sinking the levels below the previous mark of $66,000.

The downward trend was further bolstered by a move below the $65,500 support coupled with the aforementioned break below the bullish trend line. This even led to a brief dip below $63,650, subsequently forming a low at $63,583 as the cryptocurrency consolidated its losses.

Currently, Bitcoin’s pricing falls below $65,500, wavering beneath the 100-hour average. It faces immediate resistance around $64,500 which is also the 23.6% Fibonacci retracement level of the downward trajectory spiraling down from a $67,195 high to $63,583.

The first formidable resistance stands at $65,350, which, if surpassed, could potentially drive the price upwards. On the other hand, if Bitcoin fails to breach the $65,350 resistance, we may witness a continued downward trend. Support is teetering around the $63,500 mark with the first major handhold pegged at $62,600.

Should the price fall and settle below the major support of $62,600, the descent could steer Bitcoin towards $61,200. Further losses could potentially thrust the cryptocurrency into a potentially devastating trajectory, aimed towards a support zone located at a meager $60,000.

As things currently stand, hourly MACD displays a slowing pace in the bear zone while the Relative Strength Index dips below the 50 level threshold. Strong support and resistance levels currently stand at $63,500, $62,600 and $65,350, $65,850, and $67,000 respectively. Technological indicators are suggesting that the recent cryptocurrency gold rush might have hit a rough patch. Watch this space for more updates.