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{"id":474399,"date":"2021-10-22T03:08:00","date_gmt":"2021-10-22T03:08:00","guid":{"rendered":"https:\/\/wncen.com\/?p=474399"},"modified":"2024-06-11T13:59:42","modified_gmt":"2024-06-11T13:59:42","slug":"bitcoin-retreats-lower-62k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-retreats-lower-62k\/","title":{"rendered":"TA: Bitcoin Retreats Lower, Why There Is Risk of Sharp Decline"},"content":{"rendered":"

Bitcoin price traded to a new all-time high above $66,800 before correcting lower against the US Dollar. BTC traded below $63,000 and it remains at a risk of more downsides.<\/em><\/p>\n

\n
Bitcoin rallied above the $65,000 and $66,000 resistance levels before correcting lower.<\/li>\n
The price is now trading below $63,000 and the 100 hourly simple moving average.<\/li>\n
There was a break below a major bullish trend line with support near $63,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair could accelerate lower if it remains below the $64,000 pivot level.<\/li>\n<\/ul>\n
Bitcoin Price Corrects Lower<\/h2>\n
Bitcoin price extended its increase<\/a> above the $65,000 resistance zone. BTC even broke $66,000 and traded to a new all-time high near $66,982.<\/p>\n
Recently, there was a downside correction below the $65,000 support level. There was also a break below a major bullish trend line with support near $63,200 on the hourly chart of the BTC\/USD pair. The pair is now trading below $63,000 and the 100 hourly simple moving average<\/a>.<\/p>\n
A low is formed near $62,050 and it is now consolidating losses. An immediate resistance is near the $63,200 level. It is near the 23.6% Fib retracement level of the downward move from the $66,982 swing high to $62,050 low.<\/p>\n
The 100 hourly SMA is also positioned just above the $63,200 level. A clear break above the $63,200 resistance could open the doors for a fresh increase. The next major resistance sits near the $64,500 level, above which the price might rise towards the $66,000 level.<\/p>\n
$\"Bitcoin$ <\/a><\/p>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
The $64,500 resistance is close to the 50% Fib retracement level of the downward move from the $66,982 swing high to $62,050 low. Any more gains may possibly call for a new all-time high above the $67,000 level in the near term.<\/p>\n
More Losses In BTC?<\/h2>\n
If bitcoin fails to clear the $63,200 resistance zone, it could extend its downside correction. An immediate support on the downside is near the $62,200 level.<\/p>\n
The first major support is now forming near the $62,000 level. A break below the $62,000 support may possibly push the price towards the $60,000 support zone.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now losing pace in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n
Major Support Levels \u2013 $62,200, followed by $62,000.<\/p>\n
Major Resistance Levels \u2013 $63,200, $64,500 and $66,000.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price traded to a new all-time high above $66,800 before correcting lower against the US Dollar. BTC traded below $63,000 and it remains at a risk of more downsides. Bitcoin rallied above the $65,000 and $66,000 resistance levels before correcting lower. The price is now trading below $63,000 and the 100 hourly simple moving average. There was a break below a major bullish trend line with support near $63,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could accelerate lower if it remains below the $64,000 pivot level. Bitcoin Price Corrects Lower Bitcoin price extended its increase above the $65,000 resistance zone. BTC even broke $66,000 and traded to a new all-time high near $66,982. Recently, there was a downside correction below the $65,000 support level. There was also a break below a major bullish trend line with support near $63,200 on the hourly chart of the BTC\/USD pair. The pair is now trading below $63,000 and the 100 hourly simple moving average. A low is formed near $62,050 and it is now consolidating losses. An immediate resistance is near the $63,200 level. It is near the 23.6% Fib retracement level of the downward move from the $66,982 swing high to $62,050 low. The 100 hourly SMA is also positioned just above the $63,200 level. A clear break above the $63,200 resistance could open the doors for a fresh increase. The next major resistance sits near the $64,500 level, above which the price might rise towards the $66,000 level. Source: BTCUSD on TradingView.com The $64,500 resistance is close to the 50% Fib retracement level of the downward move from the $66,982 swing high to $62,050 low. Any more gains may possibly call for a new all-time high above the $67,000 level in the near term. More Losses In BTC? If bitcoin fails to clear the $63,200 resistance zone, it could extend its downside correction. An immediate support on the downside is near the $62,200 level. The first major support is now forming near the $62,000 level. A break below the $62,000 support may possibly push the price towards the $60,000 support zone. Technical indicators: Hourly MACD \u2013 The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level. Major Support Levels \u2013 $62,200, followed by $62,000. Major Resistance Levels \u2013 $63,200, $64,500 and $66,000.<\/p>\n","protected":false},"author":67,"featured_media":461703,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,76835],"class_list":["post-474399","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\nTA: Bitcoin Retreats Lower, Why There Is Risk of Sharp Decline<\/title>\n<meta name=\"description\" content=\"Bitcoin price traded to a new all-time high above $66,800 before correcting lower against the US Dollar. 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His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/wncen.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"TA: Bitcoin Retreats Lower, Why There Is Risk of Sharp Decline","url":"http:\/\/wncen.com\/news\/bitcoin-retreats-lower-62k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-retreats-lower-62k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/shutterstock_1489955045.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/shutterstock_1489955045.jpg?fit=1000%2C667"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btcusd","btcusdt","xbtusd"],"dateCreated":"2021-10-22T03:08:00Z","datePublished":"2021-10-22T03:08:00Z","dateModified":"2024-06-11T13:59:42Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"TA: Bitcoin Retreats Lower, Why There Is Risk of Sharp Decline\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-retreats-lower-62k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-retreats-lower-62k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/04\\\/shutterstock_1489955045.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/04\\\/shutterstock_1489955045.jpg?fit=1000%2C667\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2021-10-22T03:08:00Z\",\"datePublished\":\"2021-10-22T03:08:00Z\",\"dateModified\":\"2024-06-11T13:59:42Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/shutterstock_1489955045.jpg?fit=1000%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/474399","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=474399"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/474399\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/461703"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=474399"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=474399"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=474399"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}