Bitcoin Faces Downside Correction
Bitcoin recently experienced a downside correction, falling below the $69,000 level and the 100 hourly Simple Moving Average. However, there is still potential for another increase if the price manages to stay above key support levels.
Key Support Levels
- Bitcoin started its downside correction after failing to hold above $70,000.
- The price dropped below $69,200 and $68,500 support levels.
- It even fell below $67,500 before finding a temporary low at $67,243.
- The price is now consolidating losses and has moved back above $68,000.
- There is a key bullish trend line with support at $67,600 on the hourly chart of BTC/USD.
- Any downward move below $67,500 could initiate further losses.
- If there is a fresh increase, resistance levels to watch include $68,800, $69,000, and $69,550.
- A clear move above $69,550 could signal a stronger bullish momentum.
- In case of a sustained upward movement, Bitcoin could aim for the $70,600 and $72,000 resistance levels.
- Immediate support levels are at $67,650 and the bullish trend line at $67,600.
- Major support is at $67,500, followed by potential support near $66,250.
- More significant losses may bring the price closer to the $65,000 support zone in the short term.
- Hourly MACD: The MACD is showing signs of slowing down in the bearish zone.
- Hourly RSI: The RSI for BTC/USD is currently above the 50 level, indicating a potential upward momentum.
- Major Support Levels: $67,500, $66,250.
- Major Resistance Levels: $69,000, $70,600.
Potential Price Movements
As Bitcoin continues to trade below $69,000 and the 100 hourly Simple Moving Average, the price may face some resistance before any significant increase.
Possible Downside Scenarios
However, if Bitcoin fails to surpass the $69,000 resistance zone, further downside movement could be expected.
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