Bitcoin Price Slips, But Key Support Remains Intact

Aayush Jindal

1 year ago

2 mins read

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Bitcoin price started a downside correction from the $65,000 resistance zone. BTC could revisit $61,750 before it starts a fresh increase in the near term.

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

Bitcoin price attempted more upsides above the $65,000 resistance zone. However, the bears were active and protected more gains. A high was formed at $64,950 and the price is now correcting gains.

There was a decline below the $64,000 level. The price traded below the 23.6% Fib retracement level of the upward wave from the $58,572 swing low to the $64,950 high. Besides, there was a break below a key bullish trend line with support at $63,400 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading below $63,500 and the 100 hourly Simple moving average. The current price action suggests that the price could slide further toward the $61,750 support zone. It is close to the 50% Fib retracement level of the upward wave from the $58,572 swing low to the $64,950 high.

On the upside, the price could face resistance near the $63,500 level. The first key resistance is near the $64,000 level. A clear move above the $64,000 resistance might send the price further higher in the coming sessions. The next key resistance could be $65,000.

Bitcoin Price — Source: BTCUSD on TradingView.com

A close above the $65,000 resistance might spark more upsides. In the stated case, the price could rise and test the $66,500 resistance.

More Downsides In BTC?

If Bitcoin fails to rise above the $63,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $62,500 level.

The first major support is $62,200. The next support is now near the $61,750 zone. Any more losses might send the price toward the $60,000 support in the near 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 – $62,200, followed by $61,750.

Major Resistance Levels – $63,500, and $64,000.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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