Bitcoin has faced challenges when it comes to extending gains above the $66,000 resistance level. Despite its attempt to break through this barrier, the price has been consolidating and holding above the $63,500 zone. This indicates a period of uncertainty and indecision in the market.
Downside Correction
After failing to surpass the $66,000 resistance zone, Bitcoin experienced a downside correction. The price dropped below $65,000 and $64,500 levels, finding support near $63,850. This retracement was significant, as it dipped below the 50% Fib retracement level from the swing low to the high.
Technical Indicators
Looking at the technical indicators, the hourly MACD is losing pace in the bullish zone. Additionally, the hourly RSI for BTC/USD is hovering around the 50 level. These signals suggest a potential shift in momentum and a possible reversal in the price action.
If Bitcoin manages to break above the $66,000 resistance level, it could trigger another increase in the coming sessions. The next key resistance levels to watch out for are $66,500 and $67,200. On the other hand, failure to climb above the $65,000 resistance zone could lead to further downside movement.
Immediate support levels for Bitcoin are near $64,000 and the trend line, with the first major support sitting at $63,850. Further support can be found near $63,500, and any additional losses may push the price toward the $62,500 support zone in the near term.
The price of Bitcoin is currently in a consolidation phase, with key support and resistance levels to monitor. Technical indicators suggest a potential shift in momentum, which could impact the future price action. Traders and investors should stay vigilant and monitor market developments closely to make informed decisions.
