As a seasoned researcher who has closely followed the crypto market for years, I must admit that watching Bitcoin dance around key resistance levels is as exciting as watching paint dry…but still thrilling in its own way!
The cost of Bitcoin has kicked off a new surge past the barrier at $64,500. At present, it’s stabilizing, but it could have difficulty breaking through the resistance at $66,400.
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Bitcoin is up over 5% and now faces hurdles near the $66,400 zone.
The price is trading above $64,500 and the 100 hourly Simple moving average.
There is a short-term bullish trend line forming with support at $65,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could rally further if there is a close above the $66,400 resistance zone.
Bitcoin Price Surges Over 5%
Bitcoin’s price established a foundation and commenced an upward trend surpassing the $62,500 barrier. Subsequently, Bitcoin overcame the $63,500 resistance level, positioning itself in a favorable zone. Remarkably, the price surged beyond the $65,000 and $65,500 resistance thresholds.
Ultimately, the cost halted close to the last significant barrier at approximately $66,400. A peak was reached at $66,398 and the cost is currently consolidating its growth. There was a slight dip below the $66,000 threshold. The cost is now moving towards the 23.6% Fibonacci retracement level of the upward trend from the $62,139 trough to the $66,398 peak.
At present, Bitcoin’s price is surpassing $65,000 and aligning with its 100-hour moving average. Additionally, a short-term upward trend line is emerging on the hourly Bitcoin-to-U.S. Dollar (BTC/USD) chart, offering support at approximately $65,400.
As a crypto investor, I’m optimistic that if the price continues to rise, it may encounter some resistance around the $66,000 mark. However, the initial significant resistance lies at approximately $66,400. If we manage to surpass this hurdle, it could potentially push the price even higher. The next notable resistance might be found at around $66,850.
If the price surpasses the $66,850 barrier, it may trigger further increases. In such a scenario, the price could climb and attempt to break through the $67,500 resistance point. Any additional growth might propel the price towards the $68,000 resistance level.
Another Decline In BTC?
If Bitcoin doesn’t manage to break through the $66,400 barrier, it might initiate a new drop. The nearest support can be found around the $65,400 mark and the trendline below.
The primary resistance can be found around the $64,250 mark or at the 50% Fibonacci retracement point of the upward trend from the $62,139 low to the $66,398 high. The next potential resistance is now close to the $63,500 region. Further declines could lead the price to approach the nearby $62,500 support.
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 – $65,400, followed by $64,250.
Major Resistance Levels – $66,000, and $66,400.
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2024-10-15 06:41