Bitcoin has experienced a fresh downturn, falling below the significant $65,000 level. Currently, the cryptocurrency is testing the support zone around $62,850, which may pave the way for a potential rebound.
The price correction in Bitcoin is evident, having slipped beneath the $65,500 range. At present, it trades below both the $65,000 level and the 100-hour Simple Moving Average, indicating a bearish trend. A notable resistance area appears at $63,500, forming a connection with a downward trend line visible on hourly charts.
Following a decline from the $66,000 resistance, Bitcoin broke through crucial support levels of $65,000 and $64,500, thrusting it into a bearish outlook. The price reached a low point at $62,883 but is now in a phase of consolidation. It remains below the 23.6% Fibonacci retracement level of the downward move from the swing high of $66,055 to the recent low of $62,833.
For a significant upward movement, Bitcoin would need to surpass the $64,500 resistance level, which aligns closely with the 50% Fibonacci retracement level. Should the price break through this resistance, the subsequent resistance might be found around $65,500. An upward close above this level could prompt further gains, potentially targeting the $66,200 resistance, and if the momentum persists, possibly even reaching the $68,000 level.
Conversely, if Bitcoin struggles to gain traction and remains below the $63,500 resistance, it may continue to trend downward. Immediate downside support is located near $63,000, followed by the primary level at $62,850, and below that, at $62,500. Continued losses could eventually lead to a dip towards the $61,200 support level. Current technical indicators suggest a bearish momentum, with the MACD reflecting a growing bearish phase and the Relative Strength Index (RSI) remaining below the neutral 50 line.
