Bitcoin Price Corrects Recent Gains: Is a Deeper Dip Coming?


Bitcoin value prolonged its enhance above $66,000. BTC is now correcting positive factors beneath $65,500 and may proceed to maneuver down towards $64,000.

  • Bitcoin is correcting positive factors from the $66,500 zone.
  • The value is buying and selling beneath $65,250 and the 100 hourly Easy transferring common.
  • There was a break beneath a short-term bullish development line with assist at $65,750 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair might begin one other enhance if it stays above the $64,000 assist zone.

Bitcoin Worth Begins Draw back Correction

Bitcoin value remained supported close to the $63,250 degree. BTC prolonged its enhance above the $65,500 resistance zone. It even cleared the $66,000 degree.

A excessive was shaped at $66,452 and the worth is now correcting positive factors. There was a decline beneath the $66,000 degree. The value dipped beneath the 23.6% Fib retracement degree of the upward transfer from the $62,672 swing low to the $66,452 excessive.

There was a break beneath a short-term bullish development line with assist at $65,750 on the hourly chart of the BTC/USD pair. Bitcoin is now buying and selling beneath $65,500 and the 100 hourly Simple moving average.

The bulls at the moment are making an attempt to guard the $64,500 zone. If there’s a recent enhance, the worth might face resistance close to the $65,250 degree. The primary key resistance is close to the $65,500 degree. A transparent transfer above the $65,500 resistance may ship the worth greater.

Bitcoin Price

The subsequent key resistance may very well be $66,500. A detailed above the $66,500 resistance may spark extra upsides. Within the acknowledged case, the worth might rise and check the $68,000 resistance degree.

Extra Losses In BTC?

If Bitcoin fails to rise above the $65,500 resistance zone, it might proceed to maneuver down. Speedy assist on the draw back is close to the $64,200 degree and the 61.8% Fib retracement degree of the upward transfer from the $62,672 swing low to the $66,452 excessive.

The primary main assist is close to the $64,000 degree. The subsequent assist is now close to the $63,500 zone. Any extra losses may ship the worth towards the $62,650 assist within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bearish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now beneath the 50 degree.

Main Help Ranges – $64,200, adopted by $64,000.

Main Resistance Ranges – $65,250, and $65,500.



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