• bitcoinBitcoin (BTC) $ 98,587.00
  • ethereumEthereum (ETH) $ 3,466.73
  • tetherTether (USDT) $ 1.00
  • solanaSolana (SOL) $ 262.44
  • bnbBNB (BNB) $ 674.26
  • xrpXRP (XRP) $ 1.57
  • dogecoinDogecoin (DOGE) $ 0.461084
  • cardanoCardano (ADA) $ 1.13
  • usd-coinUSDC (USDC) $ 0.998918
  • staked-etherLido Staked Ether (STETH) $ 3,463.67
  • tronTRON (TRX) $ 0.219052
  • avalanche-2Avalanche (AVAX) $ 43.43
  • shiba-inuShiba Inu (SHIB) $ 0.000027
  • the-open-networkToncoin (TON) $ 6.28
  • wrapped-stethWrapped stETH (WSTETH) $ 4,110.28
  • stellarStellar (XLM) $ 0.499715
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 98,408.00
  • polkadotPolkadot (DOT) $ 8.81
  • chainlinkChainlink (LINK) $ 17.77
  • bitcoin-cashBitcoin Cash (BCH) $ 529.62
  • suiSui (SUI) $ 3.62
  • wethWETH (WETH) $ 3,468.22
  • pepePepe (PEPE) $ 0.000022
  • leo-tokenLEO Token (LEO) $ 8.64
  • nearNEAR Protocol (NEAR) $ 6.49
  • litecoinLitecoin (LTC) $ 103.79
  • aptosAptos (APT) $ 13.17
  • uniswapUniswap (UNI) $ 10.99
  • wrapped-eethWrapped eETH (WEETH) $ 3,649.09
  • hedera-hashgraphHedera (HBAR) $ 0.154453
  • internet-computerInternet Computer (ICP) $ 11.82
  • crypto-com-chainCronos (CRO) $ 0.198387
  • usdsUSDS (USDS) $ 0.999182
  • polygon-ecosystem-tokenPOL (ex-MATIC) (POL) $ 0.598390
  • ethereum-classicEthereum Classic (ETC) $ 30.70
  • render-tokenRender (RENDER) $ 8.15
  • kaspaKaspa (KAS) $ 0.161782
  • bittensorBittensor (TAO) $ 539.29
  • ethena-usdeEthena USDe (USDE) $ 1.00
  • bonkBonk (BONK) $ 0.000050
  • fetch-aiArtificial Superintelligence Alliance (FET) $ 1.43
  • vechainVeChain (VET) $ 0.044693
  • arbitrumArbitrum (ARB) $ 0.871263
  • whitebitWhiteBIT Coin (WBT) $ 24.63
  • dogwifcoindogwifhat (WIF) $ 3.49
  • daiDai (DAI) $ 0.999270
  • cosmosCosmos Hub (ATOM) $ 8.67
  • mantra-daoMANTRA (OM) $ 3.74
  • filecoinFilecoin (FIL) $ 5.43
  • blockstackStacks (STX) $ 2.13
  • okbOKB (OKB) $ 52.34
  • moneroMonero (XMR) $ 163.85
  • mantleMantle (MNT) $ 0.878236
  • optimismOptimism (OP) $ 2.30
  • injective-protocolInjective (INJ) $ 29.16
  • celestiaCelestia (TIA) $ 6.71
  • aaveAave (AAVE) $ 182.64
  • immutable-xImmutable (IMX) $ 1.62
  • fantomFantom (FTM) $ 0.931126
  • flokiFLOKI (FLOKI) $ 0.000260
  • algorandAlgorand (ALGO) $ 0.305980
  • the-graphThe Graph (GRT) $ 0.254249
  • sei-networkSei (SEI) $ 0.543274
  • bitget-tokenBitget Token (BGB) $ 1.57
  • first-digital-usdFirst Digital USD (FDUSD) $ 0.998336
  • binance-peg-wethBinance-Peg WETH (WETH) $ 3,477.17
  • thorchainTHORChain (RUNE) $ 5.91
  • theta-tokenTheta Network (THETA) $ 1.96
  • ethenaEthena (ENA) $ 0.660840
  • rocket-pool-ethRocket Pool ETH (RETH) $ 3,864.14
  • raydiumRaydium (RAY) $ 6.09
  • based-brettBrett (BRETT) $ 0.179052
  • mantle-staked-etherMantle Staked Ether (METH) $ 3,629.08
  • worldcoin-wldWorldcoin (WLD) $ 2.41
  • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 98,757.00
  • jupiter-exchange-solanaJupiter (JUP) $ 1.19
  • ondo-financeOndo (ONDO) $ 1.09
  • pyth-networkPyth Network (PYTH) $ 0.431375
  • quant-networkQuant (QNT) $ 106.71
  • popcatPopcat (POPCAT) $ 1.57
  • renzo-restaked-ethRenzo Restaked ETH (EZETH) $ 3,555.55
  • solv-btcSolv Protocol SolvBTC (SOLVBTC) $ 98,305.00
  • makerMaker (MKR) $ 1,719.76
  • arweaveArweave (AR) $ 23.22
  • bitcoin-svBitcoin SV (BSV) $ 72.40
  • gatechain-tokenGate (GT) $ 11.26
  • galaGALA (GALA) $ 0.034756
  • matic-networkPolygon (MATIC) $ 0.600045
  • msolMarinade Staked SOL (MSOL) $ 324.64
  • kucoin-sharesKuCoin (KCS) $ 11.47
  • bittorrentBitTorrent (BTT) $ 0.000001
  • flowFlow (FLOW) $ 0.854107
  • peanut-the-squirrelPeanut the Squirrel (PNUT) $ 1.24
  • beam-2Beam (BEAM) $ 0.023925
  • starknetStarknet (STRK) $ 0.590717
  • flare-networksFlare (FLR) $ 0.023573
  • lido-daoLido DAO (LDO) $ 1.39
  • eosEOS (EOS) $ 0.792154
  • tezosTezos (XTZ) $ 1.18
  • jasmycoinJasmyCoin (JASMY) $ 0.024141

Bitcoin Extends Correction, Why The Bulls Might Take Back Step

0 101

Bitcoin Extends Correction, Why The Bulls Might Take Back Step

Bitcoin price started a downside correction below $66,000 against the US Dollar. BTC might extend its downside correction towards $62,000 in the near term.

  • Bitcoin started a downside correction below the $66,000 and $65,000 levels.
  • The price is now trading below $65,000 and the 100 hourly simple moving average.
  • There was a break below a major bullish trend line with support near $66,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to move down towards the $62,000 support.

Bitcoin Price Corrects Lower

Bitcoin price failed to gain pace above the $66,000 resistance zone. As a result, BTC saw a bearish reaction below the $65,500 support level.

There was a clear break below the $65,000 support and the 100 hourly simple moving average. Besides, there was a break below a major bullish trend line with support near $66,500 on the hourly chart of the BTC/USD pair.

The pair gained pace below the $65,000 support and the price dropped towards $63,000. A low is formed near $62,700 and the price is now consolidating losses. There was a recovery wave above the 23.6% Fib retracement level of the recent decline from the $68,991 swing high to $62,700 low.

On the upside, an immediate resistance is near the $64,800 level. The first major resistance is near the $65,000 level and the 100 hourly SMA. The main resistance is now forming near the $65,800 level.

Bitcoin Extends Correction, Why The Bulls Might Take Back Step

Source: BTCUSD on TradingView.com

It is close to the 50% Fib retracement level of the recent decline from the $68,991 swing high to $62,700 low. A clear break above $65,800 resistance may possibly call open the doors for a fresh increase. The next major resistance sits near the $67,500 level.

More Losses in BTC?

If bitcoin fails to clear the $65,000 resistance zone, it could extend its downside correction. An immediate support on the downside is near the $63,500 level.

The first major support is now forming near the $63,000 level. The next major support is near the $62,500 level, below which the price could even struggle to stay above the $62,000 support zone.

Technical indicators:

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

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

Major Support Levels – $63,500, followed by $62,500.

Major Resistance Levels – $65,000, $65,800 and $66,500.

Source

Leave A Reply

Your email address will not be published.