The price of Bitcoin dipped significantly due to escalating tensions between Israel and Iran. It dropped to around $60,500 and is now making an effort to rebound.
- Bitcoin is attempting a recovery wave from the $60,500 support zone.
The price is trading below $65,500 and the 100 hourly Simple moving average.
There is a key rising channel forming with resistance at $65,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could gain bullish momentum if it clears the $66,000 resistance zone.
Bitcoin Price Recovery Faces Hurdles
The price of Bitcoin took a significant dip, falling below the $70,000 mark as tensions rose between Israel and Iran. This downturn gained momentum with Bitcoin plummeting further below the $66,000 and $65,000 thresholds.
The price dropped more than 10%, reaching as low as $60,500 before support was found. A new low was established at $60,495. Now, the price is trying to rebound. It has surpassed the $62,500 and $63,000 thresholds. Additionally, it broke above the 23.6% Fibonacci retracement level of the decline from the peak of $71,200 to the low at $60,495.
Bitcoin currently trades below both the $67,000 mark and its 100-hour moving average. The next resistance point is found around $65,800. Additionally, an ascending channel is emerging on the hourly chart of BTC/USD, with resistance at approximately $65,850 – very close to the 50% Fibonacci retracement level reached during the price drop from the peak of $71,200 down to $60,495.
An initial significant obstacle for Bitcoin’s price could be around $66,000. Currently, the next resistance lies at $68,000 and the 100-hour moving average. Should Bitcoin manage to surpass the $68,000 resistance level, it may continue climbing up towards $70,000. In this scenario, the potential price increase could push Bitcoin near the $71,200 resistance zone in the short term. Further gains might potentially take Bitcoin close to the $72,500 resistance mark.
Another Decline In BTC?
if Bitcoin doesn’t manage to surpass the $66,850 barrier, there’s a risk of another price drop. The minimum support can be found around $64,500.
If the price falls below the initial significant support of $63,000, it may trigger a downward trend towards the next support at $62,000. A further decline could potentially push the price towards the nearby support area around $60,500.
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 – $64,500, followed by $63,000.
Major Resistance Levels – $65,850, $66,000, and $68,000.
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2024-04-15 06:22