Bitcoin Price Sees Dip: Is the Uptrend Still Safe?

Bitcoin price started a downside correction from the $64,750 resistance. BTC is still above the $62,500 support and might aim for a fresh increase.

• Bitcoin is consolidating gains below the $63,800 resistance zone.

• The price is trading below $63,500 and the 100 hourly Simple moving average.

• There is a connecting bearish trend line with resistance at $63,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).

• The pair could start another increase if there is a clear move above the $63,700 resistance zone.

Bitcoin Price Revisits $62,500

Bitcoin price started a downside correction after it failed to clear the $64,750 zone. BTC dipped below the $64,000 and $63,500 support levels. There was also a spike below $63,000.

A low was formed at $63,673 and the price is now consolidating losses. There was a move above the $63,000 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $64,770 swing high to the $62,673 low.

Bitcoin is now trading below $63,500 and the 100 hourly Simple moving average. If there is a fresh increase, the price could face resistance near the $63,250 level. There is also a connecting bearish trend line with resistance at $63,300 on the hourly chart of the BTC/USD pair.

The first key resistance is near the $63,700 level. A clear move above the $63,700 resistance might send the price higher. The next key resistance could be $64,000 or the 61.8% Fib retracement level of the downward move from the $64,770 swing high to the $62,673 low. A close above the $64,000 resistance might spark more upsides. In the stated case, the price could rise and test the $64,750 resistance level.

More Losses In BTC?

If Bitcoin fails to rise above the $63,700 resistance zone, it could continue to move down. Immediate support on the downside is near the $63,000 level.

The first major support is near the $62,500 level. The next support is now near the $62,000 zone. Any more losses might send the price toward the $61,200 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $63,000, followed by $62,500.

Major Resistance Levels – $63,600, and $64,000.