As a seasoned crypto investor with over a decade of experience in this volatile market, I’ve seen my fair share of ups and downs, but nothing quite compares to the rollercoaster ride that is Bitcoin.
The cost of Bitcoin surpassed $66,000, rising further. However, currently, Bitcoin (BTC) is experiencing a correction, with its value dropping slightly below $65,500. It’s possible that it may continue to fall, potentially reaching around $64,000.
- Bitcoin is correcting gains from the $66,500 zone.
The price is trading below $65,250 and the 100 hourly Simple moving average.
There was a break below a short-term bullish trend line with support at $65,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if it stays above the $64,000 support zone.
Bitcoin Price Starts Downside Correction
The cost of Bitcoin stayed relatively high near the $63,250 mark. Moreover, Bitcoin’s price continued to climb and surpassed the resistance at approximately $65,500. In fact, it managed to break through the $66,000 threshold as well.
Previously, the price peaked at around $66,452, and now it’s experiencing a pullback from those gains. There was a drop in price that fell below the $66,000 mark. The current price has also fallen beneath the 23.6% Fibonacci retracement level, which is a significant support point following the upward trend from the $62,672 low to the $66,452 high.
On the hourly Bitcoin-to-USD chart, a drop occurred beneath a temporary bullish trend line that previously offered support at $65,750. At present, Bitcoin’s trading price has dipped below $65,500 and is also lower than the 100-hour Simple Moving Average.
Currently, the bulls are working to secure the $64,500 region. Should there be a new rise in prices, it may encounter obstacles around the $65,250 mark. The primary hurdle for further advancement lies near the $65,500 level. Breaking through this resistance could potentially push the price upwards.
If we surpass $66,500 as a potential resistance point, it could trigger further growth, potentially pushing the price towards testing the $68,000 resistance.
More Losses In BTC?
If Bitcoin doesn’t manage to break through the $65,500 barrier, it might continue trending lower. The closest support lies around the $64,200 mark and also at the 61.8% Fibonacci retracement point of the upward journey from the $62,672 low to the $66,452 peak.
The primary strong resistance can be found around the $64,000 mark. The following resistance is currently at the $63,500 region. If there are further drops, the price could move towards the nearby $62,650 support in the short term.
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 – $64,200, followed by $64,000.
Major Resistance Levels – $65,250, and $65,500.
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2024-09-30 05:46