Bitcoin Price Analysis: Will BTC Continue to Rise?
Bitcoin’s price has maintained a bullish trend, staying above key resistance levels at $63,500 and $63,800. Attempting to break through the $66,000 resistance zone, Bitcoin faced some resistance leading to a slight correction.
After dropping below $65,000 and $64,500, the price found support around $63,850. This level coincided with the 61.8% Fib retracement level and a key bullish trend line at $64,000 on the hourly chart of BTC/USD.
- Bitcoin is currently trading above $64,000 and the 100 hourly Simple Moving Average.
- A potential upward movement may face resistance at $65,000, with key resistance levels at $66,000 and $66,500.
- A clear breakout above $67,200 could signal further bullish momentum towards $68,000.
Is Bitcoin Vulnerable to More Downside?
If Bitcoin struggles to surpass the $65,000 resistance level, there is a possibility of further downward movement. Immediate support levels are at $64,000 and the established trend line, followed by major support at $63,500.
In case of continued bearish pressure, Bitcoin may test the $62,500 support zone in the short term.
Key technical indicators to consider:
- Hourly MACD: Showing signs of slowing down in the bullish zone.
- Hourly RSI (Relative Strength Index): Currently hovering near the 50 level.
- Major Support Levels: $63,500, $64,000.
- Major Resistance Levels: $65,000, $66,000.
Hot Take: Bitcoin’s Next Move
As Bitcoin’s price hovers around key resistance and support levels, the next move is crucial for determining its short-term trajectory. Traders are closely monitoring the $65,000 and $66,000 levels for potential breakout or breakdown scenarios. Stay tuned for further price action as Bitcoin continues its price discovery journey.
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