As a seasoned researcher with years of experience in analyzing cryptocurrency markets, I find myself closely monitoring Bitcoin’s price action. The latest correction from the $65,000 resistance zone is not surprising given the market’s volatile nature. It seems that the bulls have temporarily lost their grip on the momentum, with Bitcoin trading below key support levels such as $63,500 and the 100 hourly Simple Moving Average.
The price of Bitcoin initially dropped after reaching a peak of around $65,000. It may fall further to approximately $61,750 before experiencing another upward trend soon.
- Bitcoin failed to clear the $65,000 resistance zone and corrected gains.
The price is trading below $63,500 and the 100 hourly Simple moving average.
There was a break below a key bullish trend line with support at $63,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might slip further toward the $61,750 level before the bulls appear.
Bitcoin Price Trims Gains
As a crypto investor, I’ve noticed that the Bitcoin price made an effort to surge beyond the significant resistance of $65,000. Yet, the bears stepped in, preventing further advancements and safeguarding potential profits. A peak was reached at $64,950, and now, it seems we’re witnessing a correction phase in the price movement.
The price dropped below the $64,000 mark and also fell short of the 23.6% Fibonacci retracement level in the upward trend that started from the $58,572 low to the $64,950 high. Additionally, a significant bullish trend line at $63,400 on the hourly Bitcoin-US Dollar (BTC/USD) chart was broken as well.
Currently, Bitcoin’s trading value has dropped below $63,500 and is near the 100-hour Simple Moving Average. The recent price trend indicates a potential fall towards the $61,750 support level. This position is also close to the 50% Fibonacci retracement mark of the upward price movement from the $58,572 low point to the $64,950 peak.
Positively speaking, there’s a possibility that the price may encounter a barrier close to $63,500. Initially, a significant resistance lies around the $64,000 mark. If the price manages to surpass this initial resistance at $64,000, it could potentially rise even more in the upcoming periods. Another potential resistance might be found at $65,000.
If the price breaks through the $65,000 barrier, it may lead to further increases, potentially pushing the price up to challenge the $66,500 resistance level.
More Downsides In BTC?
If Bitcoin doesn’t manage to break through the barrier at $63,500, it may potentially keep falling instead. In case of a fall, the closest supportive level can be found around $62,500.
Initially, a significant level of support can be found at approximately $62,200. At present, the next potential support area is hovering around the vicinity of $61,750. Should further losses occur, the price could potentially fall towards the nearby $60,000 support in the near future.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $62,200, followed by $61,750.
Major Resistance Levels – $63,500, and $64,000.
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2024-08-27 06:40