Bitcoin Price Extends Increase, Why Dips Turned Attractive In Short-Term

by

The price of Bitcoin continued to rise and surpassed the $66,000 mark, indicating a positive trend for BTC. It may encounter buying interest around the $65,500 level.

    Bitcoin gained pace for a move above the $65,500 resistance zone.
    The price is trading above $65,500 and the 100 hourly Simple moving average.
    There is a key bullish trend line forming with support at $65,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    The pair could correct lower, but the bulls might remain active near the $65,500 support.

Bitcoin Price Gains Strength

The price of Bitcoin surged past its previous resistances of $64,500 and $65,000, with bulls managing to drive it further up to $66,000. Reaching a new peak at $67,200, Bitcoin is now taking a break to collect gains.

The Bitcoin price is gradually trending downward, approaching the 23.6% Fibonacci retracement mark of its rally from $64,281 to $67,200. It presently hovers above $65,500 and remains higher than the 100-hour Simple Moving Average.

On the hourly chart for BTC/USD, a bullish trendline is emerging with a supporting level at $65,700. This trendline approaches the 50% Fibonacci retracement mark of the price rise from the $64,281 bottom to the $67,200 minimum.

Near the $67,000 mark, you may encounter some initial resistance. The first significant hurdle might be at $67,200. Following this, resistance lies around $68,500. If the price manages to surpass this resistance level, it could potentially continue climbing, possibly reaching $70,000.

In simpler terms, Bitcoin could encounter significant opposition around the $70,500 mark in its future growth. If it continues to rise, it may reach the $72,000 resistance level shortly.

Downside Correction In BTC?

If Bitcoin doesn’t manage to break through the $67,000 barrier, there’s a risk it may initiate a decline. The nearest support lies around $66,500.

If the price reaches $65,700 for the first significant support or follows the trend line, any decline below $65,500 could trigger further drops to around $65,000. Further weakness might push the price towards the nearby support area of $64,200.

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 $65,500.

Major Resistance Levels – $67,000, $67,200, and $68,500.

Read More

2024-04-23 06:22