Bitcoin Price Back Under Pressure After Recovery Hopes Fade
·2 min read
Compiled by KHAO Editorial
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Key facts
There was a move below the 50% Fib retracement level of the upward move from the $59,070 swing low to the $64,613 high
Major Support Levels, $61,200, followed by $60,200
Bitcoin is now trading below $62,500 and the 100 hourly simple moving average
Hourly RSI (Relative Strength Index), The RSI for BTC/USD is now below the 50 level
Summary
Bitcoin price started a downside correction from the $64,600 zone. Bitcoin failed to stay above $64,000 and extended losses. The price is trading below $62,800 and the 100 hourly simple moving average. There was a break below a bullish trend line with support at $62,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).