The post Bitcoin Price Slips, But Key Support Remains Intact appeared on BitcoinEthereumNews.com.

Bitcoin price started a downside correction from the $65,000 resistance zone. BTC could revisit $61,750 before it starts a fresh increase in the near term. Bitcoin failed to clear the $65,000 resistance zone and corrected gains. The price is trading below $63,500 and the 100 hourly Simple moving average. There was a break below a key bullish trend line with support at $63,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might slip further toward the $61,750 level before the bulls appear. Bitcoin Price Trims Gains Bitcoin price attempted more upsides above the $65,000 resistance zone. However, the bears were active and protected more gains. A high was formed at $64,950 and the price is now correcting gains. There was a decline below the $64,000 level. The price traded below the 23.6% Fib retracement level of the upward wave from the $58,572 swing low to the $64,950 high. Besides, there was a break below a key bullish trend line with support at $63,400 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $63,500 and the 100 hourly Simple moving average. The current price action suggests that the price could slide further toward the $61,750 support zone. It is close to the 50% Fib retracement level of the upward wave from the $58,572 swing low to the $64,950 high. On the upside, the price could face resistance near the $63,500 level. The first key resistance is near the $64,000 level. A clear move above the $64,000 resistance might send the price further higher in the coming sessions. The next key resistance could be $65,000. Source: BTCUSD on TradingView.com A close above the $65,000 resistance might spark more upsides. In the stated case, the price could rise and test the $66,500 resistance.…

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Filed under: News - @ August 27, 2024 3:24 am