Bitcoin Price Slips, But Key Support Remains Intact

Aug 27, 2024 04:00 am Cryptocurrency 31

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 key bullish trend line with support at $63,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair might slip further toward the $61,750 level before the bulls appear.

Bitcoin Price Trims Gains

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

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 ..

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