Categories: Bitcoin

Bitcoin faces rejection at $65,000 and risks correction to $60,000


Key Takeaways

  • Bitcoin attempted to break $65,000 resistance but faced rejection, retreating to $63,000.
  • Traders highlight potential support at $60,000 if current range fails to hold.

Share this article

Bitcoin (BTC) tried to reclaim the $65,000 price level today, which is the current resistance that needs to be flipped into support, according to the trader identified as Rekt Capital. BTC got rejected and was quickly sent to $63,000 but managed to hold. However, the bottom of the current price range is $60,000, and Bitcoin could still risk a trip to that price level.

https://twitter.com/rektcapital/status/1813903107480490089?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener noreferrer

The trader added that this is just the first attempt by Bitcoin to break the current resistance, which means that a stronger rejection could happen and send BTC even lower than $63,000 next time. Yet, if succeeded, the movement would put Bitcoin in a new price range between $65,000 and $71,000.

Notably, Rekt Capital’s fellow trader identified as Altcoin Sherpa highlighted that the range between $62,000 and $63,000 is important for Bitcoin, and it is the first area from where the crypto could rebound and try to surpass the resistance at $65,000.

Nevertheless, Altcoin Sherpa points out that this first range could fail to hold. In this case, just as expressed by Rekt Capital, Bitcoin would search for new support at the bottom of the current price cluster at $60,000.

Despite the volatility seen at the top of the price cluster, Bitcoin is still up 11% over the past seven days, according to data aggregator CoinGecko. Additionally, the price is down by only 0.6% over the past 24 hours.

Share this article



Source link

CryptoCanada

Share
Published by
CryptoCanada

Recent Posts

What is a DeFi Wallet and How It Works

DeFi Wallets Unmasked: Your Key to Financial Sovereignty in the Crypto Wild West DeFi wallets…

13 hours ago

Head And Shoulders Pattern Says Bitcoin Price Is Headed Down Toward $95,000

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure The Head…

13 hours ago

Australia Cracks Down Amid Scam Surge

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Australia’s financial…

13 hours ago

Morgan Stanley Says Stock Market Has Priced in Tariff Best-Case Scenario, Warns Stagflation Issue Looming for Magnificent 7 Firms

Chris Toomey, a managing director at Morgan Stanley, thinks the market hasn’t priced in the…

14 hours ago

What Is a Stablecoin? Meaning, Definition, Types & More

Curious about stablecoins and how they fit into the crypto world? This guide breaks down…

2 days ago

$3600 next target for gold?

Last week, Donald Trump’s delay on European tariffs marked the return of the bullish rally…

2 days ago