The price of Bitcoin rebounded and surpassed the $64,000 mark, but now encounters obstacles around $65,500 and $66,000.
- Bitcoin is now struggling to gain pace for a move above the $65,500 resistance zone.
The price is trading above $64,000 and the 100 hourly Simple moving average.
There is a key contracting triangle forming with resistance at $65,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a fresh surge if it clears the $65,500 resistance zone.
Bitcoin Price Starts Increase
The cost of Bitcoin rebounded from over $60,000 and went on to surge higher. It surmounted the obstacles at $62,500 and $63,500, and even breached the $65,000 mark, thanks to the relentless buying pressure from the bulls.
Instead of “However, the bears seem to be active near the $65,500 zone,” you could say “Bears appear to be becoming more active around the $65,500 area.”
The price of Bitcoin is currently hovering above $64,000 and the 100-hour moving average. A significant barrier to further growth lies around $65,100. Additionally, an intriguing contracting triangle pattern has emerged on the hourly chart for BTC/USD, with resistance at $65,100.
The initial significant barrier to advancement might be at $65,500. Currently, the next hurdle is situated at $66,000. Should the price manage to break through this resistance level, it could potentially continue climbing. In such a scenario, the price may progressively increase towards $67,500.
In simpler terms, Bitcoin could encounter significant opposition around the $68,500 mark in its future growth. If it continues to rise, it may reach the $70,000 resistance level shortly.
Downside Correction In BTC?
If Bitcoin doesn’t manage to break past the $65,500 mark, there’s a risk it may initiate a decline. The nearest support lies around $64,500.
The initial significant resistance is at $64,000. Should the price fall below this point, it may trigger further declines towards the 50% Fibonacci retracement level of the recent uptrend, which lies around $62,500. If the downward trend continues, the support levels at $61,200 could come into play in the short term.
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 near the 50 level.
Major Support Levels – $64,500, followed by $64,000.
Major Resistance Levels – $65,100, $65,500, and $66,000.
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2024-04-22 06:22