Bitcoin price began to rise steadily above the $62,500 resistance level. BTC is again struggling to clear the $64,500 and $65,000 resistance levels.
- Bitcoin is showing positive signs and faces a hurdle near $64,500.
- The price is trading above $62,500 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a major bullish trendline with support at $62,800.
- The pair may have trouble breaking the resistance levels of $64,500 and $65,000.
Bitcoin price faces resistance
Bitcoin price found support near $56,500 and began a significant rise. There was a clear move above the resistance levels of $60,000 and $61,200.
The uptrend pushed the price above the $63,500 level and the 100-hour simple moving average. However, the downtrend became active again near the $64,500 and $65,000 resistance levels. A high was made at $64,646 and the price is now consolidating gains.
It is stable above the 23.6% Fib retracement level, rising from the $56,378 swing low to the $64,646 high. The hourly chart of the BTC/USD pair also has a major bullish trendline with support at $62,800.
Bitcoin is currently trading above $62,500 and the 100-hour simple moving average. Immediate resistance is near the $64,500 level. The first major resistance could be $65,000. The next major resistance could be $65,500.
Source: TradingView.com BTCUSD
A clear break above the $65,500 resistance could push the price higher. The next resistance level is currently at $66,800. If there is a clear move above the $66,800 resistance zone, the price may continue to rise. If specified, the price could go as high as $68,000.
Another drop in BTC?
If Bitcoin fails to rise above the $64,500 resistance zone, another decline could begin. Immediate support for the downside is near the $62,800 level and trend line.
The first major support is $61,500. If the close is below $61,500, the price may begin to decline towards the 61.8% Fib retracement level, rising from the $56,378 swing low to the $59,500 swing high of $64,646. More losses could push the price towards the $58,000 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 close to the 50 level.
Key support levels – $62,500, $61,500.
Key resistance levels – $64,500, $65,000 and $65,500.
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Source: NewsBTC.com