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Bitcoin slips as technical levels point to downside risk
BTC fell back below $63,500 and is trading under the 200-period simple moving average on the 4-hour chart, keeping $62,500 support in focus.
Bitcoin failed to push above $64,500 against the US dollar and trimmed earlier gains, according to Action Forex. After a high near $64,626, BTC started a downside correction and moved below $63,500 and $63,200.
On the 4-hour chart, the price is trading below a contracting triangle with support around $62,500 and beneath the 200 simple moving average. The analysis points to $61,150 as a key level, where a break and close below could trigger a sharper decline.
If bearish pressure persists, the next downside bids are cited near the 50% Fib retracement level at $61,150, with potential tests around $60,350 or $58,800. The report also lists resistance areas including $63,800 and $64,500.
Ethereum is described as struggling above resistance near $1,825, with the outlook suggesting it could start another decline in the near term. Upside on BTC in the scenario would start with a close above $65,000, potentially opening a path toward $66,800, then $68,000 if gains extend.
Latest closeBitcoin $84,310.25 ▼0.1%|Ethereum $2,685.67 ▲0.0%