Bitcoin’s price has gained momentum and tested resistance at $65,000. BTC has to break the $65,000 barrier in order to move higher.
- Bitcoin began a gradual increase over the $63,000 area.
- Price is above the Simple Moving Average of 100 hours and $63,500.
- The hourly chart for the BTC/USD pairs shows a bullish line with support of $63,450. (Data feed by Kraken)
- If the pair clears $65,000, they may try to increase again.
Bitcoin Price Sees Further Gains
Bitcoin’s price was stable at $60,000, above its pivotal level. BTC started to form a base. steady increase The price rose above the $62,000 barrier. Price rose above resistance levels $63,200 & $63,500.
The bears finally appeared at the resistance level of $65,000. The price has now reached a new high at $64,950. The price fell below the $64,500 mark. The price reached the level of 23.6% Fib for the uptrend from the low swing point at $58,572 and the high peak of $64,950.
Bitcoin has now reached a price of $63,200. 100 hourly Simple moving average. The hourly chart for the BTC/USD pairs also shows a bullish key trend line with support of $63,450.
The price may face resistance in the vicinity of $64,500. First, the price will face resistance near $65,000. The price could move higher if it clears the $65,000 barrier. In the coming sessions, a clear move above $65,000 resistance could send the price further higher. next The key resistance is $65,500.
The price could rise further if it closes over the $65,500 barrier. Price could test resistance at $67.200 in the case stated.
BTC: Another drop in the BTC price?
Bitcoin may start to correct downwards if the resistance level of $65,000 is not overcome. The $63,800 support level is the immediate downside support.
The initial major contribution is $63 500. First, the first major support is $63,500. next The support zone is close to $62,800. If the market continues to fall, the price could move toward the 61,750 level or the Fib 50% retracement of the rise from the 58,572 swing-low to the 64,950 high.
The following are 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 – $63,800, followed by $63,500.
Major Resistance Levels – $64,500, and $65,000.
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Source: www.newsbtc.com