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Bitcoin worth traded to a brand new all-time excessive above $69,000 earlier than crashing. BTC is now consolidating close to $63,000 and would possibly decline towards the $60,000 assist.

• Bitcoin worth created historical past once more and traded to a brand new all-time above $69,000.
• The worth is buying and selling beneath $65,000 and the 100 hourly Simple transferring common.
• There was a break beneath a key bullish development line with assist at $66,000 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair might lengthen losses and revisit the important thing $60,000 assist zone.

Bitcoin Price Takes Hit

Bitcoin worth prolonged its improve above the $68,000 resistance. BTC even broke the $68,800 degree and traded to a new all-time high at $69,218. However, there was a powerful bearish response from $69,200.

The worth crashed over 10% and dived towards the $60,000 zone. There was a break beneath a key bullish development line with assist at $66,000 on the hourly chart of the BTC/USD pair. A low was fashioned close to $59,150 and the worth is now making an attempt a restoration wave.

There was a transfer above the $62,000 resistance. It is now dealing with resistance close to the $64,000 zone and the 50% Fib retracement degree of the downward transfer from the $69,218 swing excessive to the $59,150 low.

Bitcoin is now buying and selling beneath $64,000 and the 100 hourly Simple moving average. Immediate resistance is close to the $64,000 degree. The subsequent key resistance may very well be $64,200, above which the worth might rise towards the $65,500 resistance zone.

Source: BTCUSD on TradingView.com

If there’s a clear transfer above the $65,500 resistance zone or the 61.8% Fib retracement degree of the downward transfer from the $69,218 swing excessive to the $59,150 low, the worth might rise towards the $67,000 degree. Any extra good points would possibly ship the worth towards the $70,000 degree.

More Losses In BTC?

If Bitcoin fails to rise above the $64,200 resistance zone, it might begin one other draw back correction. Immediate assist on the draw back is close to the $62,000 degree.

The first main assist is $61,500. If there’s a shut beneath $61,500, the worth might begin a good pullback towards the $60,000 zone. Any extra losses would possibly ship the worth towards the $58,500 assist zone.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now beneath the 50 degree.

Major Support Levels – $62,000, adopted by $60,000.

Major Resistance Levels – $64,200, $65,500, and $67,000.

Disclaimer: The article is offered for instructional functions solely. It doesn’t symbolize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You are suggested to conduct your personal analysis earlier than making any funding choices. Use data offered on this web site fully at your personal threat.