As a seasoned crypto investor with a few years of experience under my belt, I’ve seen Bitcoin’s price fluctuations more times than I can count. This latest correction comes as no surprise to me, as Bitcoin often tests resistance levels before pulling back.
The price of Bitcoin continued climbing and surpassed the $67,500 threshold. It then attempted to breach the $68,000 mark but has since started correcting its advance.
- Bitcoin started a downside correction after it climbed toward the $68,000 resistance zone.
The price is trading below $67,000 and the 100 hourly Simple moving average.
There was a break below a connecting bullish trend line with support at $65,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase unless the bears push it below $65,900.
Bitcoin Price Starts Downside Correction
The price of Bitcoin held steady above the $66,500 mark. Beyond this point, Bitcoin continued to climb, surpassing the resistance at $67,200 and $67,500. A new peak was reached for the week at $67,984. More recently, Bitcoin has initiated a decline.
Below the $67,000 level of support, the Bitcoin price experienced a significant drop. Additionally, it breached a bullish trend line with a support level at $65,900 on the hourly chart for BTC/USD pair. The price dipped further, falling even beneath the $66,500 support zone.
The current price of Bitcoin hovers around $65,922, which is under its 100-hour moving average and the $67,000 mark. A new upward trend is being attempted after a recent low was reached.
The price surpassed the $66,200 mark, going beyond the 23.6% Fibonacci retracement point of the correction between the $67,984 peak and the $65,922 trough. Currently, it’s encountering resistance around $66,500 and is approaching the 100-hour Simple Moving Average.
One potential way to rephrase the given text in a more conversational and clear manner is:
As a crypto investor, if the bullish trend continues, I believe the price may climb towards the resistance area of $68,800. Should we surpass this level, the Bitcoin price could potentially challenge the $70,000 mark.
Another Decline In BTC?
As a crypto investor, I’ve noticed that if Bitcoin can’t break through the resistance at $66,500, there’s a strong possibility it could continue to slide. Should this happen, the nearest support levels for me would be around $66,000 and the trendline.
As a crypto investor, I’d say: The significant support level for my crypto investment currently sits at around $65,500. However, a new layer of support is emerging closer to $64,500. Should the price take a downturn beyond this point, it could potentially push the value toward the crucial support zone near $63,150 in the short term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $65,900, followed by $65,500.
Major Resistance Levels – $66,500, $67,000, and $67,500.
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2024-05-20 04:34