Bitcoin price started a new decline below the $65,000 level. BTC is now testing the $62,850 support zone and could begin another increase.
- Bitcoin is correcting below the $65,500 zone.
- The price is trading below $65,000 and the 100 hourly simple moving average.
- There is a downtrend line with resistance at $63,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could initiate another increase if it remains above the $62,500 support zone.
Bitcoin Price Revisits Support
The price of Bitcoin started a new decline from the $66,000 resistance. BTC broke the $65,000 and $64,500 support levels to enter a short-term bearish zone.
The price even fell below US$63,500. A low was formed at $62,883 and the price is now consolidating losses. The price is now trading below the 23.6% Fibonacci retracement level of the downward move from the $66,055 swing high to $62,833 swing low.
Bitcoin is now trading below $64,500 and the 100 hour simple moving average. If there is a further increase, the price could face resistance near the $63,500 level. There is also a downtrend line with resistance at $63,500 on the hourly chart of the BTC/USD pair.
The first key resistance is near the $64,500 level. It is close to the 50% Fibonacci retracement level of the downward movement from the $66,055 swing high to $62,833 low.
A clear move above the $64,500 resistance could push the price higher. The next key resistance could be at $65,500. A close above the $65,500 resistance could generate further upside. In this case, the price could rise and test the $66,200 resistance level. Any further gains could send the price towards the $68,000 resistance level.
More losses in BTC?
If Bitcoin fails to rise above the $63,500 resistance zone, it could continue falling. Immediate downside support is near the $63,000 level.
The first major support is near the $62,850 level. The next support is now near the $62,500 zone. Further losses could send the price towards the $61,200 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 – $62,850, followed by $62,500.
Main resistance levels – $63,500 and $64,500.
