Bitcoin Price Analysis: Can BTC Break $65,000 Resistance?
Bitcoin is currently displaying promising signs, but it is facing obstacles around the $64,500 mark. The price has managed to stay above $62,500 and the 100-hourly Simple Moving Average (SMA). Moreover, a bullish trend line is forming with support at $62,800 on the hourly BTC/USD chart.
BTC Price Encounters Resistance
After finding support near $56,500, Bitcoin experienced a significant surge. The price broke above key resistance levels at $60,000 and $61,200. However, the uptrend faced resistance at $64,500 and $65,000. Currently, the price is consolidating near $64,646.
- Bitcoin price stabilized above the 23.6% Fibonacci retracement level from $56,378 to $64,646.
- It is trading above the 100-hourly SMA, with the immediate resistance at $64,500.
- The primary resistance levels are $65,000 and $65,500.
Possible BTC Decline?
If Bitcoin fails to surpass the $64,500 resistance, it might initiate a downtrend. Initial support lies at $62,800 and the trend line. The first major support is at $61,500, with a potential drop to $59,500 and $58,000 in the short term if the price continues to decline.
Technical Indicators
- Hourly MACD: The MACD is showing a decrease in bullish momentum.
- Hourly RSI: The RSI for BTC/USD is hovering around the 50 level.
- Major Support Levels: $62,500, followed by $61,500.
- Major Resistance Levels: $64,500, $65,000, and $65,500.
Hot Take: BTC Outlook
As Bitcoin attempts to breach the $65,000 resistance, the crypto community eagerly awaits how the price action will unfold. With various support and resistance levels in play, the market sentiment remains uncertain. Traders should closely monitor key levels and technical indicators to gauge Bitcoin’s next move in the volatile crypto landscape.
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