Bitcoin Price Analysis: BTC Could Rally Unless This Support Gives Way

• Bitcoin price started a downside correction from the $65,500 zone against the US Dollar.
• The price is now trading above $62,000 and the 55 simple moving average (4 hours).
• There was a break below a key bullish trend line with support at $63,000 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 $61,000 support zone.

Bitcoin price is correcting lower below $63,000 against the US Dollar. BTC might eye another increase if the bulls remain active above the $61,000 zone.

Bitcoin Price Analysis

Bitcoin price extended its increase above the $63,500 level and rallied toward the $65,500 resistance zone. However, the bears remained active near the $65,500 zone.

A high was formed near $65,523 before the price started a downside correction. There was a clear move below the $64,000 and $63,000 levels. There was a break below a key bullish trend line with support at $63,000 on the 4-hour chart of the BTC/USD pair.

The bears were able to push the price below the 23.6% Fib retracement level of the upward move from the $56,500 swing low to the $65,523 high. The price even spiked below $62,500.

Bitcoin is now trading above $62,000 and the 55 simple moving average (4 hours). Immediate resistance on the upside is near the $63,050 level. The next major resistance might be near the $64,000 zone. A clear move above the $64,000 level might send the price toward $65,500, above which the price might rise toward the $67,500 level.

Any more gains might push the price toward the $70,000 zone. If there is no upside break, the price might continue to decline below the $62,000 level.

The first major support is $61,000. The next key support is near the $60,000 level or the 61.8% Fib retracement level of the upward move from the $56,500 swing low to the $65,523 high, below which the price might accelerate lower. In the stated case, the price could decline toward the $58,500 level. Any more losses might send the price toward the $56,500 level.

Bitcoin Price

Looking at the chart, Bitcoin price is clearly trading above $62,000 and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase if it stays above the $61,000 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 – $62,000 and $61,000.

Key Resistance Levels – $63,000, $64,000, and $65,500.

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