Bitcoin
Bitcoin Price Drops But Remains Positive: Market Sentiment Remains Bullish
Bitcoin price extended its rise above the $67,500 resistance. BTC tested the $68,000 resistance and is currently correcting gains.
- Bitcoin began a downside correction after rising towards the $68,000 resistance zone.
- The price is trading below $67,000 and the 100 hourly simple moving average.
- There was a break below a rising trend line with support at $65,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another rise unless the bears push it below $65,900.
Bitcoin price begins negative correction
Bitcoin price remained stable above the $66,500 level. Bitcoin increased its increase above the $67,200 and $67,500 resistance levels. It traded to a new weekly high at $67,984 and recently began a downside correction.
There was a move below the $67,000 support zone. Additionally, there was a break below a rising trend line with support at $65,900 on the hourly chart of the BTC/USD pair. The pair still fell below the $66,500 support zone.
Bitcoin price is now trading below $67,000 and the 100 hour simple moving average. A low was formed at $65,922 and the price is now attempting a further increase.
There was a move above the $66,200 level. The price rose above the 23.6% Fibonacci retracement level of the downside correction, from $67,984 high to $65,922 low. The price now faces resistance near the $66,500 level and the 100 hourly simple moving average.
The first major resistance could be at $66,950. It is near the 50% Fib retracement level of the downside correction from the high $67,984 to the low $65,922. The next key resistance could be at $67,500. A clear move above the $67,500 resistance could push the price higher. In this case, the price could rise and test the $68,000 resistance.
If the bulls remain in action, the price could rise towards the $68,800 resistance zone. Any further gains could send BTC towards the $70,000 barrier.
Another decline in BTC?
If Bitcoin fails to rise above the $66,500 resistance zone, it could continue falling. Immediate downside support is near the $66,000 level and trendline.
The first major support is at $65,500. Major support is now forming near $64,500. Further losses could send the price towards the $63,150 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Key support levels – $65,900, followed by $65,500.
Main resistance levels – $66,500, $67,000 and $67,500.