Bitcoin Struggles to Break Resistance
Bitcoin recently attempted to break above the $65,500 resistance level but failed to do so. As a result, the price started to decline once again, trading below $64,500 and the 100 hourly simple moving average. A bearish trend line is also forming with resistance at $64,500 on the BTC/USD pair’s hourly chart.
- A recovery wave from the $62,750 support zone saw BTC climbing above $64,000 and $64,500.
- However, the resistance at $65,500 proved to be a significant hurdle for the cryptocurrency.
- After reaching a high of $65,300, the price started to decrease, falling below $64,500.
- The 50% Fib retracement level of the recovery wave was tested as well.
Potential Support and Resistances for Bitcoin
Bitcoin is currently facing immediate resistance near $64,500 and the bearish trend line. If the price manages to surpass these levels, the next major resistance points to watch out for include $65,350, $65,500, and $66,200. Breaking above $66,200 could pave the way for further upward movement towards $67,000 and potentially $68,800 in the near future.
Downside Risk for Bitcoin Price
In case Bitcoin fails to overcome the $64,500 resistance zone, it might experience further downward pressure. The immediate support level to watch is around $64,000. A more significant support area lies at $63,750, followed by the 61.8% Fib retracement level at the same zone. If these levels are breached, the price could plummet towards $62,750 and potentially even reach the $61,200 support zone.
Technical Indicators for Bitcoin
When looking at the technical indicators for Bitcoin’s price:
- The hourly MACD is currently showing signs of bearish momentum.
- The hourly RSI for BTC/USD is below the 50 level, indicating a potential bearish outlook.
- Key support levels to monitor include $64,000 and $63,750.
- On the upside, resistance levels are observed at $64,500, $65,350, and $66,200.
Hot Take: Stay Alert for Bitcoin’s Next Move
As Bitcoin continues to face resistance and struggle to break key levels, it is essential to pay close attention to its price action in the coming days. Whether the cryptocurrency manages to overcome resistance and trend higher or faces further downside pressure remains to be seen. Stay vigilant and monitor the support and resistance levels closely to make informed decisions regarding your Bitcoin holdings.
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