Bitcoin Price Correction Below $65,000: Will BTC Rebound?
Bitcoin price is currently undergoing a correction below the $65,500 zone, testing key support levels. The price is trading below $65,000 and the 100 hourly Simple Moving Average, indicating a short-term bearish trend.
- Bitcoin started a fresh decline from the $66,000 resistance level, breaking below $65,000 and $64,500 support levels.
- A low was formed at $62,883, with the price now consolidating losses below key resistance levels.
- There is a connecting bearish trend line with resistance at $63,500 on the hourly chart of the BTC/USD pair.
- If Bitcoin stays above the $62,500 support zone, it could potentially initiate another upward movement.
Bitcoin Price Outlook
If Bitcoin manages to surpass the $64,500 resistance level, it could pave the way for a potential rally towards the $65,500 mark. Further upside movement could lead the price to test the $66,200 and $68,000 resistance levels.
On the downside, failure to break above the $63,500 resistance zone could result in further losses. Immediate support levels lie near $63,000, followed by major support at $62,850 and the $62,500 zone.
Technical indicators suggest a bearish trend, with the MACD gaining pace in the bearish zone and the RSI for BTC/USD below the 50 level.
Summary
Bitcoin price is currently in a correction phase, trading below key resistance levels but with potential for a rebound. Traders should monitor the $64,500 and $63,500 levels for significant price movements. Immediate support is seen at $62,850, followed by $62,500, with further downside potential towards $61,200. Technical indicators point towards a bearish trend, highlighting the need for caution in trading decisions.
