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 remains at risk of further downside.
- Bitcoin rose above the $65,000 and $66,000 resistance levels before correcting lower.
- The price is now trading below $63,000 and the 100 hourly simple moving average.
- There was a break below the major uptrend line with support near $63,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could accelerate lower if it remains below the $64,000 pivot level.
Bitcoin price corrects lower
Bitcoin price extended its rally above the $65,000 resistance area. 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 the major uptrend 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 bottom was formed near $62,050 and it is now consolidating losses. There is an immediate resistance near the $63,200 level. It is near the 23.6% Fib retracement level of the downside move from the $66,982 swing high to $62,050 low.
The 100-hour simple moving average is also positioned above the $63,200 level. A clear break above the $63,200 resistance could open the doors to a new rally. The next major resistance is near the $64,500 level, above which the price may rise towards the $66,000 level.
Source: BTCUSD on TradingView.com
The $64,500 resistance is near the 50% Fib retracement level of the downside move from $66,982 to the $62,050 high swing high. Any further gains may require a fresh all-time rally above the $67,000 level in the near term.
More losses in bitcoin?
If Bitcoin fails to clear the $63,200 resistance area, it may extend its downward correction. There is immediate support on the downside near the $62,200 level.
The first major support is now forming near the $62,000 level. A break below the $62,000 support level could push the price towards the $60,000 support area.
Hourly MACD – The MACD is now losing its momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Key support levels – $62,200, followed by $62,000.
The main resistance levels are $63,200, $64,500 and $66,000.