Bitcoin’s price has been steadily increasing above $62,500. BTC has again struggled to overcome the $64,500- and $65,000-level resistance.
- Bitcoin shows positive signs, but faces hurdles around $64,500.
- Above the 100-hour Simple Moving Average, and above $62,500.
- On the hourly BTC/USD chart, there is a strong bullish trendline with a support level of $62,800 (data from Kraken).
- Both could have difficulty breaking through the resistance of $64,500 or $65,000.
Bitcoin Price Faces Resistance
The Bitcoin price started to rise after finding support in the area of $56,500. decent increase. It was clear that the resistance levels at $60,000 and $60,200 had been broken.
Bulls have pushed price up above $63,500 and 100-hour Simple Moving Average. Bears have been active around the $64,500- and $65,000-level resistance. Price is consolidating gains after a high of $64,646 was reached.
The price is still above the Fib level 23.6% retracement of the move upward from the swing low $56,378 to the high $64,646. A key bullish line is also developing with a support of $62,800 in the hourly chart for the BTC/USD.
Bitcoin now trades above $62,500 100 hourly Simple moving average. The immediate resistance level is around $64,500. The $65,000 level could prove to be the first significant resistance. First, you might have to pay $65,000. next Key resistance can be as high as $65,500.
Source: BTCUSD on TradingView.com
The price could move higher if it clears the resistance of $65,500. If the price moves above $65,500, it could go higher. next The resistance is now at $66,800. Price could move higher if the zone of resistance at $66,800 is clearly broken. The price may rise to $68,000 in the case stated.
BTC: Another drop in the BTC price?
Bitcoin’s next decline could be triggered if the currency fails to move above $64,500. Support for the short-term is located near the trendline at $62,800 and immediate support to the downside.
First, the $61,500 level is a major support. Price could drop towards the Fib 61.8% retracement of the uptrend from the $56,378 swing-low to the $64,646 peak at $59500. In the short term, any further losses could send the price towards the $58,000 zone of support.
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 near the 50 level.
Major Support Levels – $62,500, followed by $61,500.
Major Resistance Levels – $64,500, $65,000, and $65,500.
Disclaimer article It is intended solely for educational use. NewsBTC does not give its opinion on the best way to invest, whether you should buy, hold or sell any investment. Investing is risky and comes with risks. We recommend that you do your research. own Do your research before you make any investments. You are solely responsible for the use of information on this site. own risk.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: www.newsbtc.com