Bitcoin price traded to a new all-time high of over $ 66,800 before correcting lower against the US dollar. BTC has traded below $ 63,000 and continues to risk further downside moves.

  • Bitcoin rebounded above the $ 65,000 and $ 66,000 resistance levels before correcting downward.
  • The price is now trading below $ 63,000 and the 100-hour simple moving average.
  • The hourly chart of the BTC / USD pair (data feed from Kraken) broke below a major bullish trendline with support near USD 63,200.
  • The pair could accelerate down if it stays below the $ 64,000 pivot level.

Bitcoin price corrected lower

Bitcoin price extended its surge above the USD 65,000 resistance zone. BTC even broke through $ 66,000 and hit a new all-time high at $ 66,982.

Recently there has been a downward correction below the USD 65,000 support level. The hourly chart for the BTC / USD pair also broke below a major bullish trendline with support near USD 63,200. The pair is now trading below $ 63,000 and the 100-hour simple moving average.

A low forms at $ 62,050 which is now consolidating losses. Immediate resistance is near the $ 63,200 mark. It is near the 23.6% Fib retracement level of the downward move from the high of $ 66,982 to the low of $ 62,050.

The 100-hour SMA is also positioned just above the $ 63,200 level. A significant break above the USD 63,200 resistance could open the doors for another move higher. The next major resistance is near the $ 64,500 level, above which the price could rise towards the $ 66,000 level.

Source: BTCUSD on TradingView.com

The $ 64,500 resistance is near the 50% fib retracement level of the downward move from the high of $ 66,982 to the low of $ 62,050. Further gains could potentially require a new all-time high above the $ 67,000 mark in the near future.

More losses at BTC?

If Bitcoin fails to break the $ 63,200 resistance zone, it could extend its downward correction. Immediate support on the downside is near the $ 62,200 mark.

The first major support is now forming near the $ 62,000 mark. A break below the USD 62,000 support could potentially push the price towards the USD 60,000 support area.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is now below the 50 level.

Major Support Levels – $ 62,200, followed by $ 62,000.

Main Resistance Levels – $ 63,200, $ 64,500, and $ 66,000.

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