Bitcoin Dips Below $64k as Market Correction Continues

The cryptocurrency market rallied earlier this week, but it is now correcting, with the prices of most coins currently down.

BTC Slips Below $64k

Bitcoin, the world’s leading cryptocurrency by market cap, is down by more than 2% over the past 24 hours. The dip comes as the broader cryptocurrency market embarks on a correction following the recent rally.

The cryptocurrency market rallied at the start of the week, with the total market cap surpassing the $3 trillion mark as Bitcoin and Ether both raced to new all-time highs. Bitcoin rose to a new all-time high above $69,000s, while Ether set a new one close to the $5,000 level.

However, the market has been correcting since then, with the prices of BTC down 7% from the all-time high it achieved earlier today. There is no major catalyst behind the recent sell-off. It is a normal tradition of the cryptocurrency market to embark on a slight correction following a heavy rally.

BTC has been rallying since the start of the fourth quarter, adding more than 15% to its value over the past month.

BTC to Defend the $60k Resistance Level

The BTC/USD chart shows that the cryptocurrency is heading into bearish territory following the recent losses. The MACD line is still above the threshold but by a thread, while the RSI of 39 shows that BTC is close to the oversold region.

If the recent trend continues, then BTC could drop towards the $62,872 resistance level. Unless there is an extended market sell-off, the major resistance level at $60,794 should cap further download movement over the coming hours and days.

On the flip side, the bulls could regain control after taking a breather and push BTC past the $65k pivot level over the coming hours. Doing so would allow BTC to test the resistance level at $66,629 over the coming hours. However, BTC might need the buying pressure to resume for it to set a new all-time high around the $70k region.