Bitcoin price traded to an all-time high above $66,800 before correcting its price against the US Dollar. According to famous 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 climbed above the $65,000 and $66,000 resistance levels before correcting lower.
- The price is now trading below $63,000 and the 100 hourly simple moving average.
- There was a break below a major bullish trend line with support near $63,200 on the hourly chart of the BTC/USD pair (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 As we reported earlier, the Bitcoin price surged 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 bullish trend line with support near $63,200 on the hourly chart of the BTC/USD pair. The pair is now trading below the $63,000 and the 100 hourly simple moving average.
A bottom was formed near $62,050 and BTC is now consolidating losses. An immediate resistance is near the $63,200 level. This level is close to the 23.6% Fib retracement level of the downward move from the $66,982 high to $62,050 high. The 100 hourly 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 to 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 propel 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
Hourly MACD: The MACD for BTC/USD is now losing momentum 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, then $62,000.
Main Resistance Levels: $63,200, $64,500 and $66,000.
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