Bitcoin Faces Downside Correction Despite Recent Highs 📉
Bitcoin recently faced a downside correction after reaching a new weekly high at $67,984. The cryptocurrency is currently trading below $67,000 and the 100 hourly Simple Moving Average. A break below a connecting bullish trend line with support at $65,900 has raised concerns about a further decline in the BTC price. However, unless the bears push it below $65,900, Bitcoin could see another upward movement soon.
Bitcoin Price Correction Overview 📊
Despite remaining stable above $66,500, Bitcoin extended its gains above $67,200 and $67,500 before experiencing a corrective phase. The price dipped below the $67,000 support zone and the critical $66,500 level. Currently, Bitcoin is struggling to surpass the 100 hourly SMA and faces resistance near $66,500.
- The cryptocurrency formed a low at $65,922 before attempting a fresh increase.
- Bitcoin climbed above the $66,200 level and the 23.6% Fib retracement level of the recent downside correction.
- A potential hurdle near $66,950 is crucial as it aligns with the 50% Fib retracement level.
- A clear move above $67,500 is essential for Bitcoin to aim for the $68,000 resistance level.
Potential for Further Decline in BTC Price 📉
If Bitcoin fails to break above the $66,500 resistance zone, it could face more downside pressure. Immediate support is expected near $66,000 along with the trend line. The $65,500 and $64,500 levels are crucial support areas, with a break potentially leading Bitcoin toward $63,150 in the short term.
Technical Indicators Point to Potential Correction ⚙️
Key technical indicators show:
- Hourly MACD losing momentum in the bullish zone
- Hourly RSI for BTC/USD falling below the 50 level
These indicators suggest that Bitcoin’s price could face challenges in the near term, possibly indicating a further correction. Major support levels can be found at $65,900 and $65,500, while resistance levels lie at $66,500, $67,000, and $67,500.
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