Bitcoin Corrects From Record High, Dips Remain Attractive

Bitcoin broke the $65,000 resistance and traded to a new all-time high against the US Dollar. BTC is correcting gains, but dips could remain attractive near $63,000.

Bitcoin gained pace above the $65,000 and $65,500 resistance levels.
The price is now trading above $63,000 and the 100 hourly simple moving average.
There is a crucial bullish trend line forming with support near $63,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is correcting gains, but dips might remain limited below $62,000 in the near term.

Bitcoin Price Remains In Uptrend
Bitcoin price extended its increase above the $63,500 resistance zone. BTC broke the key $65,000 resistance zone and settled above the 100 hourly simple moving average.
It even spiked above the $65,500 resistance and traded to a new all-time high at $66,982. It is currently correcting lower and trading below the $66,000 level. There was a break below the 23.6% Fib retracement level of the upward wave from the $61,320 swing low to $66,982 high.
An immediate support is near the $64,200 level. There is also a crucial bullish trend line forming with support near $63,000 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com
On the upside, an initial resistance is near the $65,200 level. The first key resistance is near the $65,500 level. A clear break above the $65,500 resistance could open the doors for more upsides. The next major resistance sits near the $66,800 level, above which the price might rise towards the $68,000 level. Any more gains could lead the price towards the $68,000 level.
Dips Supported In BTC?
If bitcoin fails to clear the $65,500 resistance zone, it could extend its downside correction. An immediate support on the downside is near the $64,200 level.
The first major support is now forming near the $64,150 level. It is near the 50% Fib retracement level of the upward wave from the $61,320 swing low to $66,982 high. The main support is near the trend line and $63,400, below which the price might decline towards the $63,000 support and the 100 hourly SMA.
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 – $64,150, followed by $63,400.
Major Resistance Levels – $65,500, $66,800 and $68,000.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 27,644.41
ethereum
Ethereum (ETH) $ 1,887.79
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 312.99
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.479642
cardano
Cardano (ADA) $ 0.378682
staked-ether
Lido Staked Ether (STETH) $ 1,887.60
dogecoin
Dogecoin (DOGE) $ 0.073015
matic-network
Polygon (MATIC) $ 0.919430
solana
Solana (SOL) $ 20.50
tron
TRON (TRX) $ 0.076716
polkadot
Polkadot (DOT) $ 5.44
litecoin
Litecoin (LTC) $ 91.00
binance-usd
Binance USD (BUSD) $ 0.999770
shiba-inu
Shiba Inu (SHIB) $ 0.000009
avalanche-2
Avalanche (AVAX) $ 14.46
dai
Dai (DAI) $ 1.00
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 27,688.42
uniswap
Uniswap (UNI) $ 5.10
chainlink
Chainlink (LINK) $ 6.55
leo-token
LEO Token (LEO) $ 3.58
cosmos
Cosmos Hub (ATOM) $ 10.78
okb
OKB (OKB) $ 46.91
the-open-network
Toncoin (TON) $ 1.90
monero
Monero (XMR) $ 153.52
ethereum-classic
Ethereum Classic (ETC) $ 18.30
stellar
Stellar (XLM) $ 0.089222
bitcoin-cash
Bitcoin Cash (BCH) $ 115.98
internet-computer
Internet Computer (ICP) $ 4.91
true-usd
TrueUSD (TUSD) $ 0.999846
filecoin
Filecoin (FIL) $ 4.61
lido-dao
Lido DAO (LDO) $ 2.11
hedera-hashgraph
Hedera (HBAR) $ 0.052528
aptos
Aptos (APT) $ 8.27
arbitrum
Arbitrum (ARB) $ 1.23
quant-network
Quant (QNT) $ 108.52
crypto-com-chain
Cronos (CRO) $ 0.060561
near
NEAR Protocol (NEAR) $ 1.63
vechain
VeChain (VET) $ 0.020286
apecoin
ApeCoin (APE) $ 3.22
ggtkn
GGTKN (GGTKN) $ 0.112323
the-graph
The Graph (GRT) $ 0.126990
algorand
Algorand (ALGO) $ 0.151662
paxos-standard
Pax Dollar (USDP) $ 1.00
the-sandbox
The Sandbox (SAND) $ 0.541402
frax
Frax (FRAX) $ 0.999658
edgecoin-2
Edgecoin (EDGT) $ 1.00
eos
EOS (EOS) $ 0.896392
aave
Aave (AAVE) $ 67.21