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) $ 69,151.53
ethereum
Ethereum (ETH) $ 3,747.25
tether
Tether (USDT) $ 0.998996
bnb
BNB (BNB) $ 613.88
solana
Solana (SOL) $ 178.34
staked-ether
Lido Staked Ether (STETH) $ 3,746.36
usd-coin
USDC (USDC) $ 0.999113
xrp
XRP (XRP) $ 0.526337
dogecoin
Dogecoin (DOGE) $ 0.166528
the-open-network
Toncoin (TON) $ 6.50
cardano
Cardano (ADA) $ 0.481958
avalanche-2
Avalanche (AVAX) $ 40.06
shiba-inu
Shiba Inu (SHIB) $ 0.000025
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 69,488.62
tron
TRON (TRX) $ 0.120147
polkadot
Polkadot (DOT) $ 7.45
bitcoin-cash
Bitcoin Cash (BCH) $ 498.22
chainlink
Chainlink (LINK) $ 16.37
near
NEAR Protocol (NEAR) $ 8.05
uniswap
Uniswap (UNI) $ 9.37
matic-network
Polygon (MATIC) $ 0.720421
fetch-ai
Fetch.ai (FET) $ 2.54
litecoin
Litecoin (LTC) $ 85.62
internet-computer
Internet Computer (ICP) $ 12.88
pepe
Pepe (PEPE) $ 0.000013
leo-token
LEO Token (LEO) $ 5.98
dai
Dai (DAI) $ 0.999082
black-phoenix
Black Phoenix (BPX) $ 3.35
ethereum-classic
Ethereum Classic (ETC) $ 30.50
wrapped-eeth
Wrapped eETH (WEETH) $ 3,892.48
render-token
Render (RNDR) $ 10.85
hedera-hashgraph
Hedera (HBAR) $ 0.113283
aptos
Aptos (APT) $ 9.04
immutable-x
Immutable (IMX) $ 2.50
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,692.47
mantle
Mantle (MNT) $ 1.04
first-digital-usd
First Digital USD (FDUSD) $ 0.997385
filecoin
Filecoin (FIL) $ 6.11
crypto-com-chain
Cronos (CRO) $ 0.125522
cosmos
Cosmos Hub (ATOM) $ 8.55
the-graph
The Graph (GRT) $ 0.348021
kaspa
Kaspa (KAS) $ 0.137974
stellar
Stellar (XLM) $ 0.110517
bittensor
Bittensor (TAO) $ 461.68
dogwifcoin
dogwifhat (WIF) $ 3.05
arbitrum
Arbitrum (ARB) $ 1.15
blockstack
Stacks (STX) $ 2.06
okb
OKB (OKB) $ 49.74
arweave
Arweave (AR) $ 45.14
optimism
Optimism (OP) $ 2.65