The bitcoin price has been consolidating under the resistance level of $65,000. BTC needs to surpass $65,000 or $67,000 in order to enter a new bullish area.
- Bitcoin struggles to move beyond the $65,000 zone of resistance.
- It is currently trading at a price below $65,000, and it’s moving lower than the 100-hour Simple Moving average.
- The hourly chart shows a break over a bearish line that connects to resistance at $63,000. (Data feed from Kraken).
- If the pair clears $67,000, it could start to gain momentum.
Bitcoin Price Breaks Above the Upside Break
Bitcoin failed to reach the price target $67,000 resistance zone. BTC entered another downward trend and began trading under the support level of $65,000. Even though it fell below $62,000, the bulls did not emerge until BTC traded above that level.
Price is now trying to recover from a recent low formed at $61,551. The hourly chart for the BTC/USD pairs showed a break over a bearish line that connected to resistance at $63,000. The pair rose above the level where the 23.6% Fib was retracement of the recent fall from the swing high at $66,898 down to the low at $61,551
Bitcoin’s price has fallen below the $65,000 mark. 100 hourly Simple moving average. The immediate resistance level is around $64,250. The price is very close to 50% Fib of the recent fall from the $66,898 high swing to the $61,551 bottom.
The initial resistance is $64,850. First, you might have to pay $64,850. next Resistance is currently at $65,000. The price may continue to rise if there is an obvious move over the $65,000 zone of resistance. The price may rise to $66,500 in the case stated.
Source: BTCUSD on TradingView.com
It is important to note that the word “you” means “you”. next The $67.200 resistance zone is a major area of concern. Bitcoin could reach the $70,000 zone of resistance in the short term if it gains more.
BTC to decline again?
Bitcoin could begin a new decline if it fails to break through the resistance level of $65,000. Support for Bitcoin’s downside near the $62,800 mark is immediate.
First, $62,000 is a major level of support. The price may start dropping towards the $61,500 mark if there’s a close under $62,000. If the price continues to drop, it could soon reach the $60.500 level.
Indicators of 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 – $63,000, followed by $62,000.
Major Resistance Levels – $64,850, $65,000, and $67,000.
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