Bitcoin's price began a precipitous slide from its new all-time high of US$69,218. BTC plummeted to US$59,150 before trimming losses in the crypto market. The Bitcoin cryptocurrency has risen back over US$65,000, but the bears are now preventing further gains above US$67,500.
A high was made at US$67,635 and the price is currently consolidating. It is currently trading above the 23.6% Fib retracement line of the upward advance from the US$59,150 swing low to the US$67,635 high.
Bitcoin is still trading over US$65,000 and the 100-hour Simple Moving Average. Immediate resistance is around US$67,000. On the hourly chart of the BTC/USD pair, a short-term negative trend line has formed, with resistance near US$67,000.
The next major resistance level might be US$68,000, beyond which the price could increase to the US$69,200 barrier zone. If there is a clean break over the US$69,200 resistance zone, the price might surge above US$70,000. Any more advances might propel the price to US$72,000 or higher.
If Bitcoin fails to move over the US$67,000 barrier level, it may begin another downward slump. Immediate downside support is at US$66,650.
The initial big sponsorship is US$65,000. If the price closes below US$65,000, it may begin a strong drop below the 50% Fib retracement level of the upward run from the US$59,150 swing low to the US$67,635 high around US$63,400. Any more losses might push the price towards the US$62,500 support zone.
Join our WhatsApp Channel to get the latest news, exclusives and videos on WhatsApp
_____________
Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.