Key Takeaways:
- Bitcoin started a downside correction from the $66,500 resistance.
- BTC/USD failed to clear a major bearish trend line with resistance at $66,800 on the daily chart.
- The price is still above the 50-day simple moving average (blue) and might aim for a fresh increase.
Bitcoin price is struggling below $63,500 and $66,500. BTC must stay above the 50-day simple moving average (blue) to start another rally.
Bitcoin Price Dips Again To $60K
In the past few days, Bitcoin price saw a decent upward move above the $63,500 resistance zone. BTC even surpassed the $64,200 and $65,000 resistance levels. However, the bears were active near the $66,500 zone.
It seems like the price failed to clear a major bearish trend line with resistance at $65,800 on the daily chart. A high was formed at $66,587 and the price recently saw a downside correction. The price declined below the $64,200 level and dragged altcoins such as Ethereum, Solana, and XRP lower.
Bitcoin price almost tested the 50% Fib retracement level of the upward move from the $52,756 swing low to the $66,587 high. It seems like the bulls are now protecting a close below the 50-day simple moving average (blue) at $60,000.
If the bulls remain active, the price could start a fresh increase. Immediate resistance on the upside sits near the $62,500 level. The first major resistance is seen near the $63,500 level. To continue higher, BTC price must settle above the $63,500 resistance zone.
In the stated case, the bulls might target a test of the main hurdle at $66,500 and the trend line. A close above-the-trend line resistance could spark a fresh rally and sustained upward move. The next stop for the bulls could be $72,000 or even a new all-time high in the coming weeks.
More Downsides In BTC?
Conversely, Bitcoin price might struggle near $62,500 or $63,500 and start another decline. Immediate support on the downside is near the $60,500 level and 50-day simple moving average (blue). The first major support is near the $60,000 level.
A downside break below the $60,000 support zone could spark more bearish moves. In the stated case, the price might decline toward the 61.8% Fib retracement level of the upward move from the $52,756 swing low to the $66,587 high at $58,000. Any more losses could open the doors for a move toward the $55,500 support zone.
Overall, Bitcoin is still above the 50-DSMA. Having said that, BTC must clear $62,500 and $63,500 to start a fresh journey toward the $66,500 resistance zone.
The post Bitcoin (BTC) Price Prediction: 50-DSMA Set To Ignite a Fresh Rally? appeared first on CoinChapter.
