As a seasoned researcher with over a decade of experience in the financial markets, I have witnessed the meteoric rise and fall of various assets, but none quite like Bitcoin. The latest surge in BTC price to test the $65,000 resistance is an exciting development that has my attention piqued.
The cost of Bitcoin started to accelerate and reached a test at the $65,000 barrier. For Bitcoin to proceed rising in the short term, it needs to surpass the $65,000 level.
- Bitcoin started a steady increase above the $63,000 zone.
The price is trading above $63,500 and the 100 hourly Simple moving average.
There is a key bullish trend line forming with support at $63,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might attempt a fresh increase if it clears the $65,000 resistance zone.
Bitcoin Price Eyes More Gains
The cost of Bitcoin held firm over the $60,000 key threshold, leading to a solid foundation and gradual growth that surpassed the $62,000 barrier for resistance. Eventually, it moved past the resistance at $63,200 and $63,500.
Ultimately, the bears emerged close to the $65,000 barrier where prices might rise. A peak was reached at $64,950, and now the price is stabilizing its advance. There was a slight dip below the $64,500 point. The price has touched the 23.6% Fibonacci retracement level of the uptrend from the $58,572 low to the $64,950 high.
Currently, Bitcoin is being traded at prices surpassing $63,200 and aligning with its 100-hour Simple Moving Average. Moreover, a significant bullish trend line is shaping up on the hourly BTC/USD chart, offering support around $63,450.
Positively speaking, there’s a possibility that the price may encounter obstacles around $64,500. Initially, a significant barrier lies at approximately $65,000. If the price manages to surpass this initial hurdle at $65,000, it might continue moving upwards in the forthcoming periods. The next potential resistance could be found around $65,500.
If the price moves just slightly over $65,500, it could potentially push for further increases, even attempting to reach as high as $67,200.
Another Decline In BTC?
If Bitcoin doesn’t manage to break through the $65,000 barrier, there might be a reversal and a drop in value. The lowest point it may fall to initially could be around $63,800.
Initially, a significant level of backing is found at approximately $63,500. At present, the next area of potential support lies close to the vicinity of $62,800. Further declines could potentially push the price towards the $61,750 support zone or the 50% Fibonacci retracement level stemming from the price drop from the $58,572 trough to the $64,950 peak within the upcoming period.
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 – $63,800, followed by $63,500.
Major Resistance Levels – $64,500, and $65,000.
Read More
Sorry. No data so far.
2024-08-26 07:16