Bitcoin Faces Downside Correction From $65,000 Resistance Zone, Revisiting $61,750 Seems Likely

Bitcoin's roller-coaster ride continues as its price faces a downside correction from the $65,000 resistance zone, suggesting a likely revisit to $61,750

Bitcoin price faced a downside correction from the $65,000 resistance zone, suggesting a likely revisit to $61,750 before a potential fresh increase.

The digital currency encountered difficulties in surpassing the $65,000 threshold, prompting a correction of its earlier gains. At the time of writing, Bitcoin price is trading below $63,500, beneath the 100-hourly simple moving average. A break below a vital bullish trend line at the $63,400 support on the BTC/USD hourly chart heightens the possibility of further decline, potentially bringing it down to the $61,750 level before bullish forces might re-emerge.

Bitcoin price saw an upswing above the $65,000 resistance zone, but encountered strong bearish resistance that capped further gains. The price peaked at $64,950, prompting a downward correction below the $64,000 mark.

Specifically, it fell beneath the 23.6% Fibonacci retracement level spanning from the $58,572 swing low to the $64,950 high. This downturn also resulted in the break below the crucial bullish trend line at $63,400.

Now, trading below $63,500 and the 100-hourly simple moving average, Bitcoin’s price indicates a slide toward the $61,750 support zone. This level aligns closely with the 50% Fibonacci retracement of the earlier upward movement from $58,572 to $64,950.

On the upside, Bitcoin price might face resistance near the $63,500 level, with another key resistance around $64,000. A decisive move past the $64,000 mark could push the price higher in subsequent trading sessions, potentially targeting the next significant resistance at $65,000. Successfully surpassing the $65,000 barrier could further propel Bitcoin to test the $66,500 resistance.

However, if Bitcoin struggles to break the $63,500 resistance zone, it might continue its downward trajectory. Immediate support lies around the $62,500 level, followed by major support at $62,200 and then near the $61,750 zone. If these support levels fail, Bitcoin could be driven down to the $60,000 support in the near term.

Technical indicators provide further insights: the hourly MACD is gaining momentum in the bearish zone, while the hourly RSI for BTC/USD has slipped below the 50 level. Key support levels are noted at $62,200 and $61,750, with major resistances marked at $63,500 and $64,000.

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