As a seasoned market analyst with extensive experience in following Bitcoin’s price movements, I believe that Bitcoin’s recent correction is a temporary setback. The digital currency started a downside correction from the $66,000 resistance level and dipped below the crucial $64,500 support zone.
The price of Bitcoin experienced a correction after hitting the resistance at $66,000. It dropped down to around $64,000 and could potentially continue decreasing in the immediate future.
- Bitcoin started a fresh downside correction from the $66,000 resistance zone.
The price is trading below $64,500 and the 100 hourly Simple moving average.
There was a break below a key bullish trend line with support at $64,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might gain bearish momentum if it dives below the $62,500 support zone.
Bitcoin Price Dips Again, Can Bulls Defend More Losses?
The price of Bitcoin struggled to move past the barriers at $65,500 and $66,000, ultimately resulting in a decrease in value. Bitcoin then dipped beneath the $65,000 mark.
As an analyst, I’ve observed a significant development in the BTC/USD hourly chart. We witnessed a breach of the bullish trend line, which previously provided support at $64,500. The bearish pressure took hold and drove the price below the $64,000 mark. A new low was established at $63,225, signaling a consolidation of losses in the market.
As a researcher studying Bitcoin’s price movements, I am examining the 23.6% Fibonacci retracement level of the recent decline from the swing high at $66,026 to the low at $63,225. Currently, Bitcoin is trading under $64,500 and beneath the 100-hour Simple Moving Average. Should there be a new surge in price, the resistance may emerge around $64,000.
The first key resistance is near the $64,650 level. It is near the 50% Fib retracement level of recent decline from the $66,026 swing high to the $63,225 low. A clear move above the $64,650 resistance might spark another increase in the coming sessions.
The next key resistance could be $65,500. The next major hurdle sits at $66,000. A close above the $66,000 resistance might push the price further higher. In the stated case, the price could rise and test the $67,200 resistance.
More Downsides In BTC?
As an analyst, I would interpret this scenario as follows: Should Bitcoin struggle to surpass the $64,650 resistance mark, there’s a possibility that its price may descend further. A notable support level can be found around $63,250.
In simpler terms, the Bitcoin price has a significant support level at $63,000. The price is currently approaching a new support close to $62,500. If the price continues to drop, it could potentially reach the $60,500 support area 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 – $63,225, followed by $63,000.
Major Resistance Levels – $64,650, and $65,500.
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2024-07-19 06:06