Bitcoin price is correcting gains from the $64,000 resistance. BTC might find strong support near the $59,250 level or the 100 hourly SMA.
- Bitcoin price is correcting gains below the $62,250 resistance zone.
- The price is trading above $60,000 and the 100 hourly Simple moving average.
- There was a break below a connecting bullish trend line with support at $62,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct lower toward $60,000 or even to the 100 hourly Simple moving average.
Bitcoin Price Starts Correction
Bitcoin price extended its rally above the $62,000 resistance zone. BTC even cleared the $63,200 level and tested the $64,000 zone. A new multi-week high was formed near $64,000 before the price started a downside correction.
The price traded below the $62,000 support. There was a spike below the 50% Fib retracement level of the upward move from the $57,846 swing low to the $53,549 swing high.There was a break below a connecting bullish trend line with support at $62,850 on the hourly chart of the BTC/USD pair. Bitcoin is still trading above $60,000 and the 100 hourly Simple moving average.
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