Markets
Bitcoin price falls but remains positive: market sentiment remains optimistic
Bitcoin price extended its rise above the $67,500 resistance. BTC tested the $68,000 resistance and is currently correcting its gains.
- Bitcoin began a downward correction after climbing towards the $68,000 resistance zone.
- The price is trading below $67,000 and the 100 hourly simple moving average.
- There was a break below a connected uptrend line with support at $65,900 on the hourly chart of the BTC/USD pair (Kraken data feed).
- The pair could begin a further rise unless the bears push it below $65,900.
Bitcoin price begins downward correction
Bitcoin price remained stable above the $66,500 level. BTC extended its increase above the resistance levels of $67,200 and $67,500. It reached a new weekly high at $67,984 and recently began a downward correction.
There was a move below the $67,000 support zone. Furthermore, there was a break below a bullish trendline with support at $65,900 on the hourly chart of the BTC/USD pair. The pair even fell below the $66,500 support zone.
Bitcoin price is now trading below $67,000 and the 100-hour simple moving average. A low was formed at $65,922 and the price is now attempting a further rise.
There was a move above the $66,200 level. The price climbed above the 23.6% Fib retracement level of the downside correction from the $67,984 high to $65,922 low. The price now faces resistance near the $66,500 level and the 100 hourly simple moving average.
The first major resistance could be $66,950. It is near the 50% Fib retracement level of the downside correction from the $67,984 high to $65,922 low. The next key resistance could be $67,500. A sharp move above the $67,500 resistance could send the price higher. In the indicated case, the price could rise and test the resistance of $68,000.
If the bulls remain in action, the price could rise towards the $68,800 resistance zone. Any further gains could push BTC towards the $70,000 barrier.
Another drop in BTC?
If Bitcoin fails to rise above the $66,500 resistance zone, it could continue to decline. Immediate downside support is near the $66,000 level and the trendline.
The first major support is $65,500. The main support now lies near $64,500. Any further losses could send the price towards the $63,150 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – $65,900, followed by $65,500.
Major resistance levels – $66,500, $67,000 and $67,500.