{"id":1225,"date":"2024-08-27T03:23:38","date_gmt":"2024-08-27T03:23:38","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=1225"},"modified":"2024-08-27T03:23:38","modified_gmt":"2024-08-27T03:23:38","slug":"bitcoin-price-slips-but-key-support-remains-intact","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=1225","title":{"rendered":"Bitcoin Price Slips, But Key Support Remains Intact"},"content":{"rendered":"

Bitcoin price started a downside correction from the $65,000 resistance zone. BTC could revisit $61,750 before it starts a fresh increase in the near term.<\/em><\/p>\n

Bitcoin failed to clear the $65,000 resistance zone and corrected gains.
\nThe price is trading below $63,500 and the 100 hourly Simple moving average.
\nThere was a break below a key bullish trend line with support at $63,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair might slip further toward the $61,750 level before the bulls appear.<\/p>\n

Bitcoin Price Trims Gains<\/h2>\n

Bitcoin price attempted more upsides above the $65,000 resistance zone<\/a>. However, the bears were active and protected more gains. A high was formed at $64,950 and the price is now correcting gains.<\/p>\n

There was a decline below the $64,000 level. The price traded below the 23.6% Fib retracement level of the upward wave from the $58,572 swing low to the $64,950 high. Besides, there was a break below a key bullish trend line with support at $63,400 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin is now trading below $63,500 and the 100 hourly Simple moving average<\/a>. The current price action suggests that the price could slide further toward the $61,750 support zone. It is close to the 50% Fib retracement level of the upward wave from the $58,572 swing low to the $64,950 high.<\/p>\n

On the upside, the price could face resistance near the $63,500 level. The first key resistance is near the $64,000 level. A clear move above the $64,000 resistance might send the price further higher in the coming sessions. The next key resistance could be $65,000.<\/p>\n

<\/a><\/p>\n

A close above the $65,000 resistance might spark more upsides. In the stated case, the price could rise and test the $66,500 resistance.<\/p>\n

More Downsides In BTC?<\/h2>\n

If Bitcoin fails to rise above the $63,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $62,500 level.<\/p>\n

The first major support is $62,200. The next support is now near the $61,750 zone. Any more losses might send the price toward the $60,000 support in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining 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 $61,750.<\/p>\n

Major Resistance Levels \u2013 $63,500, and $64,000.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin price started a downside correction from the $65,000 resistance zone. BTC could revisit $61,750 before it starts a fresh increase in the near term. Bitcoin failed to clear the $65,000 resistance zone and corrected gains. The price is trading below $63,500 and the 100 hourly Simple moving average. There was a break below a […]<\/p>\n","protected":false},"author":0,"featured_media":1226,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1225","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/1225"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1225"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/1225\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/1226"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1225"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1225"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1225"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}