The cost of Bitcoin is currently holding steady just beneath the $65,000 mark, which serves as a significant resistance level. For Bitcoin to regain its bullish momentum, it needs to break through both the $65,000 and $67,000 thresholds.
- Bitcoin is struggling to gain pace for a move above the $65,000 resistance zone.
The price is trading below $65,000 and the 100 hourly Simple moving average.
There was a break above a connecting bearish trend line with resistance at $63,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could gain bullish momentum if it clears the $67,000 resistance zone.
Bitcoin Price Eyes Upside Break
The price of Bitcoin was unable to surpass the $67,000 barrier for resistance. As a result, Bitcoin initiated another drop, dipping below the $65,000 support level. The declining trend continued, pushing the price down even further to trade beneath $62,000. However, the bulls eventually regained control.
Near $61,551, a new trough developed and the price is currently attempting to bounce back. On the hourly chart for BTC/USD, there was a breach of a bearish trend line with an resistance level at $63,000. The pair surged above the 23.6% Fibonacci retracement mark of the recent downtrend from the peak of $66,898 to the trough of $61,551.
The price of Bitcoin is currently below the $65,000 mark and the 100-hour moving average. The next resistance point is around $64,250, which is not far from the 50% retracement level of the recent drop from its peak at $66,898 to its low at $61,551.
An initial significant hurdle for the price may be around $64,850. Currently, the next potential obstacle is at $65,000. Should the price break through this barrier, it might continue to climb, potentially reaching $66,500.
In simpler terms, Bitcoin could encounter significant opposition around the $67,200 mark in its upcoming progress. If it continues to rise, it may push further towards the $70,000 resistance level in the short term.
Another Decline In BTC?
If Bitcoin doesn’t manage to break through the $65,000 barrier, there’s a risk of another price drop. The closest support for Bitcoin lies around $62,800.
$62,000 is the first significant level of resistance. Should the price fall below this point, it may trigger a downward trend towards $61,500. Further declines could potentially push the price towards the nearby support at $60,500.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $63,000, followed by $62,000.
Major Resistance Levels – $64,850, $65,000, and $67,000.
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2024-04-17 06:07