Bitcoin Price Corrections and Support Levels

Bitcoin Price Corrections and Support Levels

Bitcoin price has faced challenges in the market, struggling to break above the $68,500 resistance zone. This has led to a correction wave, indicating potential further declines below the $65,500 support zone.

The price of Bitcoin is currently trading below $66,500 and the 100 hourly Simple Moving Average. A key bullish trend line was broken with support at $67,200 on the hourly chart of the BTC/USD pair. This suggests a bearish sentiment in the short term, with a possible extension of losses below the $65,500 support zone.

Bitcoin failed to maintain its position above the $66,500 and $67,000 resistance levels, leading to a decline below $66,000. The break of the bullish trend line further accelerated the downward movement, with a spike below the $65,500 level. The price is currently consolidating losses, trading below the 23.6% Fib retracement level.

In case of a fresh increase, Bitcoin could face resistance near the $66,150 level, followed by the $66,800 level. A move above the $66,800 resistance could trigger a further increase towards the $67,100 key resistance. The ultimate hurdle stands at $67,200, with a close above this level potentially driving the price higher towards $68,000.

If Bitcoin fails to surpass the $67,200 resistance zone, it could continue its downward trajectory. Immediate support lies at the $65,500 level, followed by $65,080 and $64,200. Further losses may push the price towards the $63,500 support zone in the near term.

The MACD indicator shows a gaining pace in the bearish zone, signaling potential further declines. The RSI for BTC/USD is currently below the 50 level, indicating a bearish sentiment in the market.

Bitcoin price is facing challenges with resistance levels and is currently in a correction phase. Traders and investors should monitor the support and resistance levels closely to gauge the market direction in the coming sessions.

Analysis

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