In the middle of this week, the price of Bitcoin reached a new all-time high, touching the mark of 67000. But after that, it rolled back down, showing a bearish correction for two days in a row. As a result, the price of Bitcoin dropped to the area of 62000, where it received good support. Today we see a recovery in the price of Bitcoin to the area of 63500.
Analysts explain this decline in the price of Bitcoin by profit taking. Many traders have started taking profits at the highs. As a result, we saw a bearish correction. But as the BTC/USD price chart shows, the level of 62000 provides enough support to keep the BTC/USD pair from falling sharply downward.
Despite a temporary decline, the BTC/USD pair continues to remain above the uptrend line. This line provides support for the pair around 63200. If we see a continuation of the decline in the price of Bitcoin, then the bears will have to overcome the first resistance at the level of 63200. Then they will meet with support around 62000 dollars. A breakout of this level will stop bears in the area of 60000.
However, we will most likely see further increase in the price of Bitcoin. If the BTC/USD pair manages to hold above 63200, it will continue to recover. In this case, the next resistance awaits the BTC/USD pair around 64500 dollars. A breakout of this level will allow the pair to rise to the level of 66000.