Bitcoin Consolidates Losses, Why 100 SMA Holds Is The Key

Bitcoin prices began a downward correction under $65,000 against US Dollar. BTC needs to rise above the SMA of 100 hours and $66,500 in order for a new increase.

  • Bitcoin experienced a downturn below $66,000-$65,000 levels.
  • The current price trades below $66,000, and the simple moving average is 100 hours.
  • A key contracting triangle is seen with resistance close to $65,200 in the hourly charts of the BTC/USD pair. (Data feed from Kraken).
  • If the pair breaks above $66,000 or the 100-hourly SMA, it could see a new increase.

Lower Bitcoin Prices

Bitcoin’s price began to fall below the $66,000 pivot mark. BTC broke $65,500 resistance level and the 100 hourly simple Moving Average to enter a short-term bearish area.

Clear breaks below the $65,000 resistance were seen, and prices even climbed to below $64,000. The low point was at $62,700, but the price rebounded higher. A break of the $64,000 resistance level was observed.

Bitcoin rose above 23.6% Fib Retracement of the pivotal decline from $68,990 high to $62,700 low. A potential resistance level is at $65,200. A key contracting triangle is also visible with resistance close to $65,200 in the hourly charts of BTC/USD.

Bitcoin Price

Source: BTCUSD from

It is close to the $65,850 threshold. The Fib retracement level at 50% of the crucial decline from $68,990 swing high and $62,700 low is very close. Resistance is now located near $66,500, and the 100 hourly SMA.

Breaking above the $66,500 resistance could signal a potential new uptrend. Next is $67,500.

BTC Losses:

It could also extend the downside correction if bitcoin does not clear $66,500. A $64,200 level provides immediate support.

Near the $63,500 mark, we see the first significant support. Next major support will be at the $62,850 area. If the price falls below that level the price might even drop below the $62,000 support.

Indicators technical

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $63,500, followed by $62,500.

Major Resistance Levels – $65,200, $65,800 and $66,500.

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