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Home»EXCHANGE NEWS»Bitcoin price has bounced back to $64,500, but will it be enough to avoid a decline?
EXCHANGE NEWS

Bitcoin price has bounced back to $64,500, but will it be enough to avoid a decline?

By Crypto FlexsApril 30, 20243 Mins Read
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Bitcoin price has bounced back to ,500, but will it be enough to avoid a decline?
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Bitcoin price found support at $61,800 and recovered to higher levels. BTC surged to $64,500 and is currently consolidating gains above $63,500.

  • Bitcoin began another rally after finding support near $61,800.
  • The price is trading above $63,500 and the 100-hour simple moving average.
  • On the hourly chart of the BTC/USD pair (data feed from Kraken), a breakout occurred above the main bearish trendline with resistance at $63,250.
  • To continue rising in the near term, the pair needs to stay above the $63,200 support zone.

Bitcoin price is holding steady

Bitcoin price began another decline below the $63,500 pivot level. BTC fell below the $62,000 level before an upward trend took place. The lowest point was reached at $61,774 and the price began to recover.

There was movement above the resistance levels of $62,500 and $63,500. Moreover, on the hourly chart of the BTC/USD pair, it broke the key bearish trend line at the resistance level of $63,250. The pair surged above $64,500 and tested $64,750.

A high was formed at $64,738 and the price began a downward correction. There was a move below the $64,000 level. The price tested the 50% Fib retracement level rising from the $61,774 swing low to the $64,738 high.

Bitcoin is currently trading above $63,500 and the 100-hour simple moving average. Immediate resistance is near the $64,000 level. The first major resistance could be $64,500 or $64,750. A clear break above the $64,750 resistance could push the price higher. The next resistance level is currently at $65,500.

Source: TradingView.com BTCUSD

If there is a clear move above the $65,500 resistance zone, the price may continue to rise. If specified, the price could go as high as $66,200. The next major resistance is near $68,000. More gains could push Bitcoin towards the $70,000 resistance zone in the near term.

Another drop in BTC?

If Bitcoin fails to rise above the $64,750 resistance zone, it may continue to fall. Immediate support for the downside is near the $63,500 level.

The first major support is $63,000. If the closing price falls below $63,000, the price may start to fall towards $61,750. More losses could lead the price towards the $61,200 support area in the near term.

Technical indicators:

Hourly MACD – MACD is now losing speed in bullish territory.

Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.

Key support level – $63,500, then $63,000.

Key resistance levels – $64,000, $64,500 and $65,500.

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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