As a seasoned crypto investor with years of experience in this volatile market, I’ve seen my fair share of Bitcoin price swings. The recent dip below $64,200 was a familiar feeling, but I remained hopeful as I watched the price form a base near the $63,500 level.
The price of Bitcoin rebounded slightly around $63,500. Currently, it’s on an upward trend, indicating a potential breakthrough above the $65,500 mark.
- Bitcoin formed a base and started a fresh increase above the $65,000 resistance zone.
The price is trading above $65,500 and the 100 hourly Simple moving average.
There was a break above a key bearish trend line with resistance at $66,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might accelerate higher toward the $67,500 and $68,000 levels in the short term.
Bitcoin Price Regains Strength, Jumps 4%
The price of Bitcoin continued to slide, dropping beneath the $64,200 mark. Yet, buyers showed resilience around the $63,500 point. The lowest point reached was $63,427, from where the cryptocurrency has recently begun to rebound.
The price of Bitcoin surpassed both the $64,500 and $65,000 resistance points. It also rose above the 50% Fibonacci retracement level in the downward trend from the peak of $68,240 to the low of $63,427. Additionally, there was a breach of a significant bearish trend line with a resistance level at $66,000 on the hourly chart for Bitcoin versus the US Dollar.
The Bitcoin price currently hovers around $65,500 and surpasses the 100-hour moving average. If the upward trend persists, potential obstacles for further growth may emerge at approximately $67,000 or the 76.4% Fibonacci retracement mark of the downward swing from the peak of $68,240 to the low of $63,427.
The first key resistance is near the $67,500 level. A clear move above the $67,500 resistance might send the price further higher in the coming sessions. The next key resistance could be $68,000. The next major hurdle sits at $68,500. A close above the $68,500 resistance might spark bullish moves. In the stated case, the price could rise and test the $70,000 resistance.
Another Decline In BTC?
Should Bitcoin be unable to surge past the $67,000 barrier, there’s a risk of another price drop. The nearest support lies around $66,400 and coincides with the 100-hour SMA.
In simpler terms, the initial significant resistance lies at $65,500. The resistance level is currently approaching $65,000. If the price continues to drop, it may head towards the $63,500 support area in the short run.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $66,400, followed by $65,500.
Major Resistance Levels – $67,000, and $68,000.
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2024-07-26 05:46