Bitcoin’s Price Rejected at $65,000, Potential Correction to $60,000 Ahead
Bitcoin made an attempt to surpass the $65,000 resistance level but encountered rejection, causing a retreat to $63,000, as per traders’ observations. There is potential support anticipated at $60,000 if the current range fails to maintain stability.
The trader known as Rekt Capital noted that Bitcoin’s recent endeavor to breach the resistance was unsuccessful, leading to a quick drop to $63,000. However, the lower end of the current price range is at $60,000, suggesting a potential downside risk for Bitcoin.
In the quest to conquer the resistance, Bitcoin needs to secure a Daily Close above $65,000, as highlighted by Rekt Capital. Failure to do so might result in a more pronounced rejection, potentially pushing Bitcoin below $63,000 on the next attempt. Conversely, a successful breakout could establish a new price range for Bitcoin between $65,000 and $71,000.
Another trader, Altcoin Sherpa, emphasized the significance of the $62,000 to $63,000 range for Bitcoin. This zone serves as a crucial area where Bitcoin could rebound and strive to surpass the $65,000 resistance. However, both Rekt Capital and Altcoin Sherpa caution that if this initial range fails to provide support, Bitcoin may seek a new base at $60,000.
Despite the price volatility near the upper range, Bitcoin has shown an 11% increase over the past week, according to CoinGecko data. Additionally, the cryptocurrency’s price has only experienced a marginal decline of 0.6% in the last 24 hours.
In summary, Bitcoin’s price movements are closely monitored by traders as it navigates key resistance levels and potential support zones, shaping the short-term trajectory of the leading cryptocurrency.
