The Bitcoin price has been consolidating over the $64,000 mark. BTC may try to recover like Ethereum if it clears the $65,650 zone of resistance.
- Bitcoin began a small recovery above the $65,000 mark.
- It is currently trading at a price below $65,500, and it’s moving lower than the 100-hour Simple moving average.
- The hourly chart shows a triangle that is contracting on a short term. It has resistance at $65,400. (Data feed from Kraken).
- If the pair clears resistance levels of $65,400 or $65,650, it could begin a new recovery.
Bitcoin price faces resistance
Bitcoin extended its losses to trade below $2,000 $65,000 level. BTC has even been tested at $64,000. The price has corrected losses after forming a low at $64,050.
A minor recovery was seen above $64,500. The price rose above the level for the 23.6% Fib of the recent fall from the swing high $67.255 to the low $64,050. Bears still remain near $65,500.
Bitcoin has fallen below the $65,500 mark. 100 hourly Simple moving average. On the hourly BTC/USD chart, there is also an elongating triangle with a resistance of $65,400.
The price faces resistance on the upside near the $65,400 mark and the triangle-shaped trend line. First major resistance is $65,650, or 50% Fib of recent decline from $67.255 swing high down to $64,050. The next The key resistance is $66,000.
If the price moves above $66,000, it could start a gradual increase. The price may rise in the case stated and reach the resistance of $66,550. BTC’s price could rise further and test the $66,550 resistance.
BTC to decline again?
Bitcoin could begin a new decline if it fails to rise above the resistance zone of $65,650. The $64,850 support level is the nearest immediate support to the downside.
The initial major contribution is $64 400. First, the first big support comes in at $64,400. next The support zone is now near $64,000. In the short term, any further losses could send the price towards the $63,200 zone of support.
The following are technical indicators.
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $64,400, followed by $64,000.
Major Resistance Levels – $65,400, and $65,650.
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Source: www.newsbtc.com