Bitcoin price traded to an all-time high above $66,800 before correcting its price against the US Dollar. According to renowned analyst Aayush Jindal, who has made successful predictions, Bitcoin price traded below $63,000 and is at risk of further declines. Because the leading cryptocurrency deleted more than $ 4 thousand at once.
- Bitcoin price rallied above the $65,000 and $66,000 resistance levels before correcting lower.
- Price is currently trading below the average of $63,000 and 100 hourly simple moves.
- There was a break below a major uptrend line with support near $63.200 on the saadollarsik chart of BTC/USD (data feed from Kraken).
- According to the analyst, the pair could slide lower if it stays below the $64,000 pivot level.
Where is the bitcoin price headed? What happened in the market?
Cryptocoin. com, Bitcoin price increased above the $65,000 resistance zone. BTC even broke $66,000 and traded at an all-time high around $66,982. Recently, there was a downside correction below the $65,000 support level. There was a break below a major uptrend line with support near $63,200 on the saadollarsik chart of the BTC/USD pair. The pair is currently trading below the average of $63,000 and 100 hourly simple moves.
62. A bottom was formed near $0.50 and now BTC is consolidating losses. An immediate resistance is near the $63,200 level. This level is close to the 23.6% Fib retracement level of the bearish move from the $66,982 high to $62,050 high. The 100 hrs SMA is also just above the $63,200 level. A clear break above the $63.200 resistance could open the doors for a fresh increase. The next major resistance is sitting near the $64,500 level, above which the price could rise towards the $66,000 level.
Analyst listed: Bitcoin price can now see these levels!
The $64,500 resistance is close to the 50% Fib retracement level of the downside move from the $66,982 high to $62,050 high. Any further gains could likely lead to an all-time high above the $67,000 level in the near term.
If bitcoin price fails to clear the $63.200 resistance zone, it could extend its downside correction. An immediate support on the downside is near the $62,200 level. The first major support is now forming near the $62,000 level. A break below the $62,000 support could likely push the price towards the $60,000 support zone.
Current view of Bitcoin price with technical indicators
Saadollarsik MACD:The MACD for BTC/USD is now losing momentum in the bearish zone.
Saadollarsik RSI (Relative Strength Index): The RSI for BTC/USD is now below the 50 level.
Main Support Levels: $62,200 followed by $62,000.
Main Resistance Levels:63. $200, $64,500 and $66,000.