27 August 2024
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.
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.