Categories: Bitcoin Latest News

Bitcoin Price Dips Yet Stays Positive: Market Sentiment Remains Upbeat

Bitcoin price extended its increase above the $67,500 resistance. BTC tested the $68,000 resistance and is currently correcting gains.

Bitcoin started a downside correction after it climbed toward the $68,000 resistance zone.
The price is trading below $67,000 and the 100 hourly Simple moving average.
There was a break below a connecting bullish trend line with support at $65,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase unless the bears push it below $65,900.

Bitcoin Price Starts Downside Correction

Bitcoin price remained stable above the $66,500 level. BTC extended its increase above the $67,200 and $67,500 resistance levels. It traded to a new weekly high at $67,984 and recently started a downside correction.

There was a move below the $67,000 support zone. Besides, there was a break below a connecting bullish trend line with support at $65,900 on the hourly chart of the BTC/USD pair. The pair even dipped below the $66,500 support zone.

Bitcoin price is now trading below $67,000 and the 100 hourly Simple moving average. A low was formed at $65,922 and the price is now attempting a fresh increase.

There was a move above the $66,200 level. The price climbed above the 23.6% Fib retracement level of the downside correction from the $67,984 swing high to the $65,922 low. The price is now facing resistance near the $66,500 level and the 100 hourly Simple moving average.

The first major resistance could be $66,950. It is near the 50% Fib retracement level of the downside correction from the $67,984 swing high to the $65,922 low. The next key resistance could be $67,500. A clear move above the $67,500 resistance might send the price higher. In the stated case, the price could rise and test the $68,000 resistance.

If the bulls remain in action, the price could rise toward the $68,800 resistance zone. Any more gains might send BTC toward the $70,000 barrier.

Another Decline In BTC?

If Bitcoin fails to climb above the $66,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $66,000 level and the trend line.

The first major support is $65,500. The main support is now forming near $64,500. Any more losses might send the price toward the $63,150 support zone in the near term.

Technical indicators:

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

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

Major Support Levels – $65,900, followed by $65,500.

Major Resistance Levels – $66,500, $67,000, and $67,500.

[#item_full_content]NewsBTCRead More

Recent Posts

Is The Bitcoin Bull Run Over? Fed Chair Powell Just Killed QE Hopes

In his testimony on Tuesday, Federal Reserve Chair Jerome Powell dampened hopes for another round…

2 hours ago

Bitcoin Banks: We Should Build Them Ourselves

Bitcoin banks are going to happen. We already have a few of them. We’re going…

4 hours ago

Did A Massive Bitcoin And Ethereum Sell-Off By Binance Trigger The Market Crash? Crypto Exchange Responds

There have been recent concerns within the crypto community regarding Binance’s recent activities after a…

5 hours ago

Bitcoin In The Spotlight As World Liberty Financial Debuts Strategic Reserve

By launching its Macro Strategic Reserve, World Liberty Financial (WLFI) has advanced significantly and strengthened…

6 hours ago

Bitcoin Finds Price Stability: Reclaiming $101,000 Depends On This Level

Bitcoin (BTC) continues to move within its one-week range after recovering from its recent drop…

7 hours ago

US to Release Jailed BTC-e Operator Vinnik in Russia Prisoner Swap

Alexander Vinnik, the jailed former operator of once mighty bitcoin exchange BTC-e, is being released…

8 hours ago