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.
Source: BTCUSD from TradingView.com
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.
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.
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.