Bitcoin Price Sees Positive Momentum
The price of Bitcoin has experienced a notable increase, surpassing the $65,000 level. However, it is currently trading below both the $65,000 mark and the 100 hourly Simple Moving Average (SMA).
On the BTC/USD hourly chart provided by Kraken, a significant bullish trend line is forming with a support level at $65,900.
- To initiate a fresh rally, the BTC/USD pair must successfully overcome the resistance zone at $68,000.
Bitcoin Price Turns Green
Despite facing resistance at the $67,500 and $68,000 levels, Bitcoin’s price remained supported above the $64,000 resistance zone. The cryptocurrency managed to climb higher and break through the $66,500 and $66,000 resistance levels.
Following this upward movement, Bitcoin’s price formed a high near $67,614 and is now consolidating its gains. It is currently trading close to the 23.6% Fibonacci retracement level of the upward move from its swing low of $62,614 to the high of $67,614. Additionally, Bitcoin is trading above both the $65,000 level and the 100 hourly SMA.
The BTC/USD pair also showcases a key bullish trend line on its hourly chart with support at $65,900. The immediate resistance level lies near $67,500, while the first major resistance level can be found at $68,000.
Another Decline in BTC?
If Bitcoin fails to break through the resistance zone at $68,000 and experiences another decline in price:
- The initial support level on the downside will be near $66,000 and the trend line.
- The first major support level is at $65,200 or the 50% Fibonacci retracement level of the upward move from the swing low of $62,614 to the high of $67,614.
- The next support level is at $63,800.
If Bitcoin’s price closes below $63,800, it may experience a drop towards the $61,200 level. Further losses could potentially push the price towards the support zone at $60,500 in the near future.
Technical Indicators
When analyzing Bitcoin’s technical indicators:
- The hourly MACD (Moving Average Convergence Divergence) suggests that it is losing pace in the bullish zone.
- The hourly RSI (Relative Strength Index) for BTC/USD is currently above the 60 level.
Key Levels to Watch:
- Major Support Levels – $65,900, followed by $63,800
- Major Resistance Levels – $67,500, $68,000, and $69,200
A Positive Outlook for Bitcoin’s Price?
If Bitcoin manages to break through the resistance zone at $68,000:
- This could lead to further price gains and potentially clear the next resistance zone at $69,200 in the near term.
- The next significant resistance level would be at $70,000.
Keep an eye on Bitcoin’s price movements as it attempts to surpass these resistance levels and continue its positive momentum.
Hot Take: Conclusion
A surge in Bitcoin’s price has led to it trading above $65,000 and the 100 hourly SMA. However, it faces resistance at the $68,000 level that needs to be overcome for a fresh rally to occur.
On the other hand, if Bitcoin fails to break through this resistance zone, it may experience a decline. Immediate support levels can be found at $66,000 and the trend line, followed by $65,200 and $63,800.
Technical indicators suggest that Bitcoin’s bullish momentum may be slowing down. The MACD is losing pace in the bullish zone, while the RSI remains above 60.
Despite these challenges, if Bitcoin successfully breaks through the resistance zone at $68,000, it could pave the way for further gains and potentially clear the resistance level at $69,200. Ultimately, Bitcoin’s price could aim for $70,000.
Keep an eye on Bitcoin’s price movements as it continues its journey in the cryptocurrency market.
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