Bitcoin price extended its rise above $66,000. BTC is now correcting gains below $65,500 and could continue falling towards $64,000.
- Bitcoin is correcting gains from the $66,500 zone.
- The price is trading below $65,250 and the 100 hourly simple moving average.
- There was a break below a short-term rising trend line with support at $65,750 on the hourly chart of the BTC/USD pair (data from Kraken).
- The pair could initiate another increase if it remains above the $64,000 support zone.
Bitcoin price begins negative correction
Bitcoin Price remained supported close to the $63,250 level. BTC extended its rise above the $65,500 resistance zone. It even surpassed the $66,000 level.
A high was formed at $66,452 and the price is now correcting gains. There was a decline below the $66,000 level. The price fell below the 23.6% Fibonacci retracement level of the upward move from $62,672 swing low to $66,452 high.
There was a break below a short-term rising trend line with support at $65,750 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $65,500 and the 100 hour simple moving average.
The bulls are now trying to protect the $64,500 zone. If there is a further increase, the price could face resistance near the $65,250 level. The first key resistance is near the $65,500 level. A clear move above the $65,500 resistance could push the price higher.
The next key resistance could be at $66,500. A close above the $66,500 resistance could generate further upside. In this case, the price could rise and test the $68,000 resistance level.
More losses in BTC?
If Bitcoin fails to rise above the $65,500 resistance zone, it could continue to fall. Immediate support on the downside is near the $64,200 level and the 61.8% Fibonacci retracement level of the upward move from the $62,672 swing low to $66,452 high.
The first major support is near the $64,000 level. The next support is now near the $63,500 zone. Further losses could send the price towards the $62,650 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.
Key support levels – $64,200, followed by $64,000.
Main resistance levels – $65,250 and $65,500.
