Bitcoin Price Analysis: BTC Could Correct Lower Towards $64K

  • Bitcoin price started a fresh increase above the $65,000 zone against the US Dollar.
  • The price is now trading above $65,000 and the 55 simple moving average (4-hours).
  • There was a break above a major contracting triangle with resistance near $61,800 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair could correct lower towards the $64,000 support zone in the near term.

Bitcoin price traded to a new all-time high near $68,560 against the US Dollar. BTC could revisit the $64,000 support zone in the near term.

Bitcoin Price Analysis

Bitcoin price remained in a positive zone above the $62,000 level. As a result, BTC started a fresh increase above the $64,000 and $65,000 resistance levels.

There was a break above a major contracting triangle with resistance near $61,800 on the 4-hours chart of the BTC/USD pair. The pair gained pace for a move above the $66,500 level and the 55 simple moving average (4-hours).

The pair traded to a new all-time at $68,568 before it started a minor decline. The pair traded below the $68,000 and $67,000 support levels. It even declined below the 23.6% Fib retracement level of the upward move from the $60,125 swing low to $68,568 high.

On the downside, an initial support is near the $66,000 level. The next key support is forming near the $65,000 level, below which the price could decline towards the $64,000 level or the 55 SMA.

The 50% Fib retracement level of the upward move from the $60,125 swing low to $68,568 high is also near the $64,000 zone to act as a support.

On the upside, an initial resistance is near the $67,200 level. The main resistance is forming near the $68,000 zone. A close above the $68,000 zone is needed for a fresh increase. In the stated case, the price is likely to rise steadily towards the $68,500 level.

Looking at the chart, bitcoin price is clearly trading above $65,000 and the 55 simple moving average (4-hours). Overall, the price could correct lower towards the $64,000 support zone in the near term.

Technical indicators

4 hours MACD – The MACD is now losing momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.

Key Support Levels – $65,000 and $64,000.

Key Resistance Levels – $67,500, $68,000 and $68,500.

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