As a seasoned crypto investor with several years of experience under my belt, I’ve seen the volatility in Bitcoin’s price action firsthand. Currently, Bitcoin is consolidating above the $64,000 level after a recent correction below this mark. The price is showing some signs of recovery but faces resistance at the $65,650 resistance zone.
The price of Bitcoin is holding steady above the $64,000 mark. If Bitcoin can surmount the resistance at $65,650, it may mimic Ethereum‘s trend and bounce back.
- Bitcoin started a minor recovery wave above the $65,000 level.
The price is trading below $65,500 and the 100 hourly Simple moving average.
There is a short-term contracting triangle forming with resistance at $65,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a recovery wave if it clears the $65,400 and $65,650 resistance levels.
Bitcoin Price Faces Resistance
The price of Bitcoin continued to slide and dipped below the $65,000 threshold. It even touched the $64,000 mark, reaching a low of $64,050. Currently, BTC is in the process of recouping its losses.
As a researcher studying the cryptocurrency market, I observed a slight upward trend pushing the price above the $64,500 mark. This move brought the value above the 23.6% Fibonacci retracement level, which is calculated from the recent decline starting at the $67,255 peak to the low of $64,050. Despite this recovery, bears remain active and are showing resistance near the $65,500 area.
As a researcher studying the Bitcoin market, I’ve observed that the cryptocurrency is currently trading beneath the $65,500 mark and below its 100-hour moving average. Furthermore, there seems to be a developing short-term contracting triangle on the hourly chart of the BTC/USD pair. The resistance level for this pattern stands at $65,400.
The price is encountering resistance around the $65,400 mark and the triangle trendline. The initial hurdle for the price increase might be at $65,650 or the 50% Fibonacci retracement level following the recent dip from $67,255 peak to $64,050 trough. Subsequently, $66,000 could pose a significant challenge.
If we surpass the $66,000 barrier with confidence, Bitcoin’s price may begin a steady upward trend, potentially reaching and even challenging the $66,550 resistance level next. Further gains could push the price further up towards the $67,500 resistance in the short term.
Another Decline In BTC?
Should Bitcoin be unable to surpass the $65,650 barrier, there’s a risk of another price drop. The nearest support can be found around $64,850.
As an analyst, I’ve identified the first significant support level for the price at $64,400. Currently, a new support is emerging around $64,000. Should there be further losses, the price could potentially drop towards the $63,200 support area in the imminent future.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $64,400, followed by $64,000.
Major Resistance Levels – $65,400, and $65,650.
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2024-06-20 05:46