Bitcoin price is consolidating below the $65,000 resistance zone. BTC would need to break above $65,000 and $67,000 to move back into bullish territory.
- Bitcoin is struggling to gain speed above the $65,000 resistance zone.
- The price is trading below $65,000 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), a breakout occurred above a bearish trend line connecting with resistance at $63,000.
- A break above the $67,000 resistance area could provide bullish momentum.
Bitcoin price rise reverses
Bitcoin price failed to break the $67,000 resistance zone. BTC began another downtrend, trading below the $65,000 support zone. Before the upward trend began, it fell below $62,000.
A low was formed near $61,551 and the price is now attempting a new recovery. On the hourly chart of the BTC/USD pair, a breakout occurred above the bearish trend line connecting the $63,000 resistance level. The pair recently broke above the 23.6% Fib retracement level of the decline from the $66,898 swing high to the $61,551 low.
Bitcoin price is trading below $65,000 and the 100-hour simple moving average. Immediate resistance is near the $64,250 level. It is close to 50% of the Fib retracement level following the recent decline from the $66,898 swing high to the $61,551 low.
The first major resistance could be at $64,850. The next resistance is now at $65,000. If there is a clear move above the $65,000 resistance zone, the price may continue to rise. If specified, the price could go as high as $66,500.
Source: TradingView.com BTCUSD
The next major resistance is near $67,200. If more gains occur, Bitcoin may head towards the $70,000 resistance zone in the near term.
Another drop in BTC?
If Bitcoin fails to rise above the $65,000 resistance zone, another decline could begin. Immediate support for the downside is near the $62,800 level.
The first major support is $62,000. If it closes below $62,000, the price may start to fall towards the $61,500 level. More losses could lead the price towards the $60,500 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 levels – $63,000, then $62,000.
Key resistance levels – $64,850, $65,000 and $67,000.
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