As a seasoned researcher with extensive experience in cryptocurrency markets, I have closely monitored Bitcoin’s (BTC) recent price action and trends. Based on my analysis of the current situation, I believe that Bitcoin has been facing resistance at the $66,000 level and is currently consolidating above the $63,500 support zone.
The price of Bitcoin had a hard time advancing beyond the $66,000 mark as resistance. Currently, Bitcoin is stabilizing and keeping its gains above the $63,500 threshold.
- Bitcoin struggled to continue higher above the $66,000 resistance zone.
The price is trading above $63,500 and the 100 hourly Simple moving average.
There is a key bullish trend line forming with support at $64,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might continue to move up unless it breaks the $63,500 support zone.
Bitcoin Price Holds Gains, Can It Rise Again?
As a researcher studying Bitcoin’s price movements, I have observed that the cryptocurrency continued to thrive in an upward trend, surpassing significant resistance levels at $63,500 and $63,800. Eager to break new ground, Bitcoin made another attempt to conquer the formidable resistance zone of $66,000. Regrettably, despite initial successes, bulls were unable to sustain their advances, leading to a downturn in price.
The price fell briefly beneath the $65,000 and $64,500 marks, also dipping below the 50% retracement point of the rally that lifted prices from $62,465 low to $66,100 peak.
The price showed signs of strengthening around the $63,850 mark and the 61.8% Fibonacci retracement level of the advance from the $62,465 trough to the $66,100 peak on the BTC/USD hourly chart. Additionally, a significant bullish trend line has emerged, providing support at $64,000.
The current Bitcoin price lies above the $64,000 mark and the 100-hour moving average. Should there be a new price surge, Bitcoin may encounter resistance around the $65,000 threshold. The initial significant resistance lies at approximately $66,000.
If the price breaks through the $66,000 barrier with clarity, it may lead to additional gains in the upcoming trading periods. The subsequent resistance levels are located at $66,500 and $67,200, respectively. Should the price manage to surpass the $67,200 resistance, it could potentially propel the value even higher. In this scenario, the price might reach and challenge the $68,000 resistance level.
More Downsides In BTC?
If Bitcoin doesn’t manage to break through the $65,000 barrier, there’s a possibility it may head lower instead. The nearest support lies around the $64,000 mark and the trendline.
In simpler terms, the initial significant resistance level is at $63,850. Currently, the resistance is shifting closer to $63,500. If the price falls further, it could approach the $62,500 support area in the immediate future.
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 near the 50 level.
Major Support Levels – $64,000, followed by $63,500.
Major Resistance Levels – $65,000, and $66,000.
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2024-07-18 06:04