- Bitcoin price started a downside correction from the $65,500 zone against the US Dollar.
The price is now trading above $62,000 and the 55 simple moving average (4 hours).
There was a break below a key bullish trend line with support at $63,000 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
The pair could start a fresh increase if it stays above the $61,000 support zone.
As a seasoned crypto investor with a few years of experience under my belt, I’ve seen Bitcoin’s price fluctuations more times than I can count. And right now, it looks like BTC is taking a breather from its relentless upward trend and correcting lower below the $63,000 mark against the US Dollar.
As a crypto investor, I’m observing that Bitcoin’s price is currently taking a dip and is moving lower than the $63,000 mark against the US Dollar. However, if the bulls manage to stay in control above the $61,000 level, we might witness another price surge for Bitcoin.
Bitcoin Price Analysis
As a crypto investor, I’ve noticed that the bitcoin price has continued to climb, breaking through the $63,500 mark and moving closer to the resistance level at $65,500. Yet, despite this upward trend, bears have remained persistent near the $65,500 zone, potentially trying to push the price back down.
Before the price decline, a peak formed around $65,523 in the BTC/USD chart. The market then showed a noticeable drop below significant resistance levels at $64,000 and $63,000. A pivotal bullish trendline, which previously provided support at $63,000 on the 4-hour chart, was broken.
The bears successfully drove the price down below the 23.6% Fibonacci support level, which is derived from the upward trend between $56,500 and $65,523. The price plunged further, dipping beneath $62,500.
As an analyst, I observe that Bitcoin is currently trading above the $62,000 mark and the 4-hour 55 simple moving average. The immediate resistance for further upside lies at around $63,050. Beyond this, the next significant resistance level could be located near the $64,000 area. A decisive break above $64,000 might push the price towards $65,500, and if it manages to surpass that level, then the path may open up for a potential rise towards $67,500.
if the price continues to rise, it could reach the $70,000 mark; however, any further increases might cause it to hit this zone. On the other hand, if the price fails to break above its current level, it may slide down below $62,000 again.
The first major support is $61,000. The next key support is near the $60,000 level or the 61.8% Fib retracement level of the upward move from the $56,500 swing low to the $65,523 high, below which the price might accelerate lower. In the stated case, the price could decline toward the $58,500 level. Any more losses might send the price toward the $56,500 level.
Observing the graph, the Bitcoin price is distinctly higher than $62,000 and the 4-hour 55 simple moving average. In general, if the price holds above the $61,000 support level, it may initiate a new rise.
Technical Indicators
4 hours MACD – The MACD is now gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.
Key Support Levels – $62,000 and $61,000.
Key Resistance Levels – $63,000, $64,000, and $65,500.
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2024-05-08 07:22