Bitcoin’s price has recently surpassed $66,000, setting a new high at $66,452, but it is now experiencing a corrective phase. As of the latest updates, BTC is trading below $65,500 and slipping under the 100-hourly Simple Moving Average. In technical analysis, this decline is marked by a break below a short-term bullish trend line with support at $65,750, observed on the hourly chart of the BTC/USD pair, based on Kraken data.
The digital currency initially found support near the $63,250 level and managed to breach the $65,500 resistance. This bullish momentum saw Bitcoin even soar past the $66,000 threshold. However, post-peak, there has been a correction with BTC falling below key levels, including the 23.6% Fibonacci retracement of the recent upward move from a swing low of $62,672 to its high point.
Bitcoin’s decline below $65,500 has led to increased trading in lower bands as the bulls attempt to safeguard the $64,500 zone. Should there be a resurgence, the cryptocurrency might encounter initial resistance around $65,250. A critical resistance level, however, stands firm at $65,500. Surpassing this barrier could renew bullish momentum, potentially catapulting BTC towards the next significant resistance of $66,500. A successful breach of this mark may set the stage for the price to approach the $68,000 level.
Conversely, failure to clear the $65,500 resistance could prolong the downward trend. Immediate support is eyed at $64,200, aligning with the 61.8% Fibonacci retracement of the aforementioned upswing. The primary support level is pegged at $64,000, followed by a more substantial support zone at $63,500. Further losses could drive Bitcoin’s value towards the $62,650 support territory in the near term.
Technical indicator analysis reveals the hourly MACD is gaining traction in the bearish zone, while the hourly RSI (Relative Strength Index) for BTC/USD has dipped below the 50 mark, signaling increased selling pressure. Key support levels to monitor include $64,200 and $64,000, while critical resistance points remain at $65,250 and $65,500.
