
Bitcoin price traded to a new all-time high above $66,800 before correcting lower against the US Dollar. BTC traded below $63,000 and it remains at a risk of more downsides.
Bitcoin price extended its increase above the $65,000 resistance zone. BTC even broke $66,000 and traded to a new all-time high near $66,982.
Recently, there was a downside correction below the $65,000 support level. There was also a break below a major bullish trend line with support near $63,200 on the hourly chart of the BTC/USD pair. The pair is now trading below $63,000 and the 100 hourly simple moving average.
A low is formed near $62,050 and it is now consolidating losses. An immediate resistance is near the $63,200 level. It is near the 23.6% Fib retracement level of the downward move from the $66,982 swing high to $62,050 low.
The 100 hourly SMA is also positioned just above the $63,200 level. A clear break above the $63,200 resistance could open the doors for a fresh increase. The next major resistance sits near the $64,500 level, above which the price might rise towards the $66,000 level.
The $64,500 resistance is close to the 50% Fib retracement level of the downward move from the $66,982 swing high to $62,050 low. Any more gains may possibly call for a new all-time high above the $67,000 level in the near term.
If bitcoin fails to clear the $63,200 resistance zone, it could extend its downside correction. An immediate support on the downside is near the $62,200 level.
The first major support is now forming near the $62,000 level. A break below the $62,000 support may possibly push the price towards the $60,000 support zone.
Technical indicators:
Hourly MACD – The MACD is now losing 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 $62,000.
Major Resistance Levels – $63,200, $64,500 and $66,000.
Source: www.newsbtc.com
Coin | Change(%) | Price | Volume (24h) |
---|---|---|---|
Bitcoin (BTC) | 1.59 | $118,100.12 | $23.3B |
Ethereum (ETH) | 0.72 | $3,731.95 | $22.8B |
Solana (SOL) | 5.87 | $187.021113 | $9.9B |
XRP (XRP) | 1.88 | $3.182397 | $7.2B |
Dogecoin (DOGE) | 2.71 | $0.237107 | $4.9B |
USD Coin (USDC) | 0 | $0.999951 | $3.0B |
Cardano (ADA) | 2.77 | $0.827305 | $1.8B |
Binance Coin (BNB) | 1.52 | $781.01 | $1.5B |
TRON | 1.12 | $0.318204 | $1.0B |
Litecoin (LTC) | 2.04 | $113.74 | $895.9M |