Bitcoin Price Analysis: BTC Could Soon Retest $60.5K, Here’s Why
Bitcoin price started a downside correction from the $71,500 zone against the US Dollar.
The price is now trading below $68,000 and the 55 simple moving average (4 hours).
There was a break below a key bullish trend line with support at $68,200 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
The pair could start a fresh increase if it stays above the $63,350 support zone.
Bitcoin price is correcting lower below $68,000 against the US Dollar. BTC might eye another increase if the bulls remain active above the $63,350 zone.
Bitcoin Price Analysis
Bitcoin price extended its increase above the $68,500 level and rallied toward the $71,000 resistance zone. However, the bears remained active near the $71,500 zone.
A high was formed near $71,635 before the price started a downside correction. There was a clear move below the $70,000 and $68,000 levels. The bears were able to push the price below the 50% Fib retracement level of the upward move from the $60,771 swing low to the $71,635 high.
There was a break below a key bullish trend line with support at $68,200 on the 4-hour chart of the BTC/USD pair. The price even spiked below $65,000.
Bitcoin is now trading below $67,000 and the 55 simple moving average (4 hours). Immediate resistance on the upside is near the $67,500 level. The next major resistance might be near the $69,000 zone. A clear move above the $69,000 level might send the price toward $70,000, above which the price might rise toward the $71,500 level.
Any more gains might push the price toward the $73,500 zone. If there is no upside break, the price might continue to decline below the $65,000 level.
The first major support is $63,350 or the 76.4% Fib retracement level of the upward move from the $60,771 swing low to the $71,635 high. The next key support is near the $62,000 level, below which the price might accelerate lower. In the stated case, the price could decline toward the $60,500 level. Any more losses might send the price toward the $58,500 level.
Looking at the chart, Bitcoin price is clearly trading below $67,000 and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase if it stays above the $63,350 support zone.
Technical Indicators
4 hours MACD – The MACD is now gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.
Key Support Levels – $63,350 and $62,000.
Key Resistance Levels – $67,000, $69,000, and $70,000.
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Filed under: Bitcoin - @ April 3, 2024 3:18 am