As a researcher with a background in financial markets and experience in analyzing cryptocurrency price movements, I find the current Bitcoin price trend intriguing. The steady increase above the $62,500 resistance is a positive sign, but the price is now facing hurdles near the $64,500 and $65,000 resistance levels.
As a crypto investor, I’ve noticed an upward trend in Bitcoin‘s price, surpassing the previous resistance of $62,500. However, reaching new heights hasn’t been easy for BTC as it faces challenges at the current resistance levels of $64,500 and $65,000.
- Bitcoin is showing positive signs and facing hurdles near $64,500.
The price is trading above $62,500 and the 100 hourly Simple moving average.
There is a key bullish trend line forming with support at $62,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could struggle to clear the $64,500 and $65,000 resistance levels.
Bitcoin Price Faces Resistance
The price of Bitcoin experienced a noteworthy uptick after finding a strong foundation around $56,500. It successfully surpassed the resistance thresholds at $60,000 and $61,200.
As an analyst, I’ve observed the price surpassing the $63,500 mark and the 100-hour Simple Moving Average. Nevertheless, bears have reemerged near the resistance levels of $64,500 and $65,000. The peak price reached $64,646 before consolidation took place.
I’ve analyzed the price action of Bitcoin (BTC/USD) and found that it has been holding steadily above the 23.6% Fibonacci retracement level at $61,500. This level represents a significant support area as it marks a key point of resistance-turned-support during the upward move from the swing low at $56,378 to the high at $64,646. Additionally, an emerging bullish trend line has taken shape on the hourly chart, providing additional support around $62,800.
Currently, Bitcoin surpasses both the $62,500 mark and the 100-hour Simple Moving Average. The short-term resistance lies around $64,500. The initial significant resistance may be found at $65,000, while the next notable one could be at $65,500.
As a researcher studying the market trends, I can propose that surpassing the $65,500 resistance level with confidence may lead the price upward. The subsequent barrier now appears at $66,800. In case of a strong push above the $66,800 resistance zone, the price could potentially continue climbing and reach toward $68,000.
Another Decline In BTC?
As a crypto investor, if Bitcoin doesn’t manage to break through the $64,500 resistance point, there’s a risk of another price drop. The good news is that there’s support close by around the $62,800 mark and the trendline.
As a crypto investor, I closely monitor the market and have identified the first significant level of support at $61,500. Should the price close below this mark, it could trigger a downward trend towards the 61.8% Fibonacci retracement level, which lies around $59,500. A further decline might push the price towards the near-term support zone at $58,000.
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 – $62,500, followed by $61,500.
Major Resistance Levels – $64,500, $65,000, and $65,500.
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2024-05-06 06:22