As a seasoned crypto investor with over a decade of experience in the digital currency market, I have learned to ride the waves of volatility and remain calm during times of uncertainty. The recent surge in Bitcoin’s price is certainly a positive development, and it seems like BTC is consolidating its gains near the $65,000 zone.
The price of Bitcoin has begun a new rise, surpassing the $64,750 barrier. At present, Bitcoin hovers around $65,000, potentially holding steady.
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Bitcoin is consolidating gains near the $65,000 zone.
The price is trading above $64,200 and the 100 hourly Simple moving average.
There is a short-term contracting triangle forming with resistance at $65,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if there is a clear move above the $65,250 resistance zone.
Bitcoin Price Regains Strength
The cost of Bitcoin stayed stable around the $62,650 mark. Over time, it established a platform and initiated a new rise surpassing the $63,500 resistance barrier. Its momentum picked up as it successfully breached the $64,200 resistance level.
The bulls pushed the price beyond $65,000, reaching a peak at $65,764. Currently, the price is holding steady as it consolidates its advance. There was a slight dip below the $65,200 mark, and the price temporarily fell beneath the 23.6% Fibonacci retracement line of the upward trend that started from $62,673 low to $65,764 high.
Currently, Bitcoin’s trading value exceeds $64,500 and its 100-hour moving average. If there’s a further rise, the price might encounter resistance around $65,250. Additionally, a temporary contracting triangle is emerging on the hourly BTC/USD chart, with $65,250 serving as potential resistance.
Initially, a significant barrier lies around the $65,500 mark. If we see a strong push beyond this barrier at $65,500, it may propel the price upwards. The next potential hurdle could be found at $66,200. Breaking through $66,200 might trigger further increases, potentially pushing the price towards the $67,500 resistance point.
Another Decline In BTC?
If Bitcoin fails to rise above the $65,250 resistance zone, it could continue to move down. Immediate support on the downside is near the $64,850 level.
The primary resistance is found around $63,850, which also coincides with the 61.8% Fibonacci retracement point from the price drop between $62,673 low to $65,764 high. A secondary support now lies in the vicinity of $63,500. Further declines could push the value towards the upcoming $62,650 support level.
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 – $64,850, followed by $63,850.
Major Resistance Levels – $65,250, and $65,500.
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2024-09-27 05:46