Bitcoin price traded to a new all-time high near $64,892 before correcting lower against the US Dollar.
It traded to a new all-time high at $64,892 before it started a downside correction.
The price declined below the 50% Fib retracement level of the upward move from the $59,700 swing low to $64,892 high.
However, the bulls appeared near the $61,500 level.
There is also a major bullish trend line forming with support near $61,850 on the hourly chart of the BTC/USD pair.
An initial resistance is near the $63,500 and $63,700 levels.
If bitcoin fails to climb above $63,500 and $63,700, there could be another downside correction.
The main support is now forming near the $61,800 level and the trend line.
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