As a seasoned researcher with over a decade of experience in the cryptocurrency market, I have seen Bitcoin’s volatility firsthand. The latest price action shows us that BTC is testing its resilience yet again at the $65,200 zone before mounting a fresh increase.
The price of Bitcoin briefly touched the $65,200 mark but was supported by the bulls. Now, Bitcoin is on an upward trend, attempting to break through the $67,500 barrier and reach even higher levels.
- Bitcoin extended losses and tested the $65,200 zone.
- The price is trading below $67,500 and the 100 hourly Simple moving average.
- There was a break above a key bearish trend line with resistance at $66,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if it clears the $67,500 resistance zone.
Bitcoin Price Starts Fresh Increase
The cost of Bitcoin dipped below the $66,500 mark, falling past the $66,000 and $65,500 thresholds as well. It reached as low as the $65,200 region that serves as a potential support level.
The price dipped to $65,199 and has since started to increase again. There’s been a noticeable surge surpassing the $66,500 mark. Furthermore, the price exceeded the 23.6% Fibonacci retracement level of the downward slide from the peak at $69,425 to the trough at $65,199 on the BTC/USD chart. Additionally, there was a breach above a significant bearish trendline with resistance at $66,800 on this same hourly chart.
Currently, Bitcoin’s trading value is under $67,500 and slightly below its 100-hour Simple Moving Average. If it rises, potential obstacles might be encountered at approximately $67,300 or at the 50% Fibonacci retracement level of the price drop from the peak of $69,425 to the low of $65,199.
Initially, a significant barrier lies around the $67,500 mark. Breaking through this barrier at $67,500 could potentially drive the price upwards. If we surpass this level, the next potential resistance may emerge near $68,000.
If the price breaks through the $68,000 barrier, it may spark further increases. Under such circumstances, the price could climb and challenge the resistance at $69,200. Additional gains could potentially push the price towards the $70,000 resistance point.
Another Decline In BTC?
If Bitcoin doesn’t manage to break through its $67,500 barrier, it might trigger a new drop in price. The nearest support level for potential falls can be found around $66,500.
The first major support is near the $66,200 level. The next support is now near the $66,000 zone. Any more losses might send the price toward the $65,200 support in the near 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 above the 50 level.
Major Support Levels – $66,500, followed by $66,200.
Major Resistance Levels – $67,500, and $68,000.
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2024-10-24 06:22