Bitcoin price started a new low below the $65,000 level. BTC is now testing the $62,850 support area and may start another uptrend.
- Bitcoin is correcting below the $65,500 area.
- The price is trading below $65,000 with a simple 100 hourly moving average.
- There is a connecting bearish trend line with resistance at $63,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another uptrend if it stays above the $62,500 support area.
Bitcoin Price Revisits Support
Bitcoin price started a new decline from the $66,000 resistance. BTC broke the $65,000 and $64,500 support levels to enter the temporary bearish zone.
The price has dropped to less than $63,500. A low was formed at $62,883 and the price is now covering losses. The price is now trading below the 23.6% Fib retracement level from the $66,055 swing high to the $62,833 low.
Bitcoin is now trading below $64,500 and the 100 hourly moving average. If there is a new rise, the price may face resistance near the $63,500 level. There is also a connecting bearish trend 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 near the 50% Fib retracement level of the decline from the $66,055 swing high to the $62,833 low.
A clear move above the $64,500 resistance could send the price higher. The next key resistance would be $65,500. A close above the $65,500 resistance could trigger further upside. In the mentioned case, the price can rise and test the resistance level of $66,200. Any further gains could send the price to the resistance level of $68,000.
More Losses in BTC?
If Bitcoin fails to rise above the resistance area of ​​$63,500, it can continue to decline. Immediate support on the downside 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 area. Another loss could send the price to the $61,200 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining momentum in bearish territory.
Hourly RSI (Relative Strength Index) – RSI for BTC/USD is now below the 50 level.
Major Support Levels – $62,850, followed by $62,500.
Major Resistance Levels – $63,500, and $64,500.