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Bitcoin Consolidates Losses, Why 100 SMA Holds Is The Key

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.
Bitcoin climbed above the 23.6% Fib retracement level of the key decline from the $68,990 swing high to $62,700 low. On the upside, an immediate resistance is near the $65,200 level. There is also a key contracting triangle forming with resistance near $65,200 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com
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.
A clear break above $66,500 resistance may possibly call open the doors for a fresh increase. The next major resistance sits near the $67,500 level.
More Losses in BTC?
If bitcoin fails to clear the $66,500 resistance zone, it could extend its downside correction. An immediate support on the downside is near the $64,200 level.
The first major support is now forming near the $63,500 level. The next major support is near the $62,850 level, below which the price could even decline below the $62,000 support zone.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $63,500, followed by $62,500.
Major Resistance Levels – $65,200, $65,800 and $66,500.

Christian Robinson
Christian Robinson
I’m a regular contributor to Forbes, CoinDesk, and Bitcoin Magazine, among others. My work focuses on providing analysis of the latest trends in the crypto industry, as well as offering insights into investment opportunities. I have a strong track record of identifying emerging technologies and assets that can achieve significant growth. As such, I believe that I am uniquely positioned to help investors navigate the ever-changing landscape of cryptocurrency.

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