Bitcoin Retreats Lower, Why There Is Risk of Sharp Decline

Bitcoin value traded to a brand new all-time excessive above $66,800 earlier than correcting decrease towards the US Greenback. BTC traded beneath $63,000 and it stays at a danger of extra downsides.

Bitcoin rallied above the $65,000 and $66,000 resistance ranges earlier than correcting decrease.
The worth is now buying and selling beneath $63,000 and the 100 hourly easy transferring common.
There was a break beneath a significant bullish development line with assist close to $63,200 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
The pair may speed up decrease if it stays beneath the $64,000 pivot degree.

Bitcoin Value Corrects Decrease
Bitcoin value prolonged its enhance above the $65,000 resistance zone. BTC even broke $66,000 and traded to a brand new all-time excessive close to $66,982.
Lately, there was a draw back correction beneath the $65,000 assist degree. There was additionally a break beneath a significant bullish development line with assist close to $63,200 on the hourly chart of the BTC/USD pair. The pair is now buying and selling beneath $63,000 and the 100 hourly easy transferring common.
A low is shaped close to $62,050 and it’s now consolidating losses. A direct resistance is close to the $63,200 degree. It’s close to the 23.6% Fib retracement degree of the downward transfer from the $66,982 swing excessive to $62,050 low.
The 100 hourly SMA can also be positioned simply above the $63,200 degree. A transparent break above the $63,200 resistance may open the doorways for a contemporary enhance. The subsequent main resistance sits close to the $64,500 degree, above which the worth would possibly rise in the direction of the $66,000 degree.

Supply: BTCUSD on TradingView.com
The $64,500 resistance is near the 50% Fib retracement degree of the downward transfer from the $66,982 swing excessive to $62,050 low. Any extra beneficial properties could probably name for a brand new all-time excessive above the $67,000 degree within the close to time period.
Extra Losses In BTC?
If bitcoin fails to clear the $63,200 resistance zone, it may prolong its draw back correction. A direct assist on the draw back is close to the $62,200 degree.
The primary main assist is now forming close to the $62,000 degree. A break beneath the $62,000 assist could probably push the worth in the direction of the $60,000 assist zone.
Technical indicators:
Hourly MACD – The MACD is now shedding tempo within the bearish zone.
Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now beneath the 50 degree.
Main Help Ranges – $62,200, adopted by $62,000.
Main Resistance Ranges – $63,200, $64,500 and $66,000.