Bitcoin price started a downside correction below $65,000 against the US Dollar. BTC must climb above the 100 hourly SMA and $66,500 to start a fresh increase.
- Bitcoin started a downside correction below the $66,000 and $65,000 levels.
- The price is now trading below $66,000 and the 100 hourly simple moving average.
- There is a key contracting triangle forming with resistance near $65,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh increase if there is a clear break above $66,000 and the 100 hourly SMA.
Bitcoin Price Consolidates Below $66K
Bitcoin price started a downside correction below the $66,000 pivot level. BTC broke the $65,500 support level and the 100 hourly simple moving average to move into a short-term bearish zone.
There was a clear break below the $65,000 support and the price even spiked below $64,000. A low was formed near $62,700 before the price corrected higher. There was a break above the $64,000 resistance level.
Source:
The first major resistance is near the $65,850 level. It is close to the 50% Fib retracement level of the key decline from the $68,990 swing high to $62,700 low. The main resistance is now forming near the $66,500 level and the 100 hourly SMA.
