Bitcoin Price Holds Support, Eyes Bullish Momentum
The price of Bitcoin has shown some positive signs after a recent correction from the $73,500 zone. Although it is currently trading below $70,000 and the 100 hourly Simple Moving Average (SMA), there are indications that it could gain bullish momentum if it clears the $70,000 resistance zone in the near term.
Downside Correction and Support Levels
Bitcoin price experienced a downside correction from the $73,500 zone. The bears pushed the price below the $68,000 support zone and it eventually tested the $65,000 support level. However, it managed to form a low at $64,555 and is now attempting to make a fresh increase.
The price has moved above the $66,500 resistance zone and climbed above the 23.6% Fibonacci retracement level of the downward move from the $73,734 swing high to the $64,555 low. Additionally, there was a break above a major bearish trend line with resistance at $67,100 on the hourly chart of the BTC/USD pair.
Resistance Levels and Potential Upside
Bitcoin is currently trading below $70,000 and the 100 hourly SMA. The immediate resistance lies near the $69,200 level or the 50% Fibonacci retracement level of the downward move from the $73,734 swing high to the $64,555 low.
If Bitcoin manages to clear this resistance level, it could rise towards the next key resistance at $70,000. A successful breach of this level might push the price further towards the $71,200 resistance zone.
In case there is a clear move above the $71,200 resistance zone, Bitcoin could even attempt a move above the $72,000 resistance level. Further gains may lead the price towards the $73,500 level.
Potential Downside and Support Levels
If Bitcoin fails to rise above the $70,000 resistance zone, it could experience another decline. The immediate support on the downside is near the $67,000 level.
The first major support level is at $65,000, followed by the main support at $64,500. If the price closes below $64,500, it might drop towards the $63,500 level. Any further losses could send it towards the $62,000 support zone.
Technical Indicators
- Hourly MACD โ The Moving Average Convergence Divergence (MACD) is now losing pace in the bearish zone.
- Hourly RSI (Relative Strength Index) โ The RSI for BTC/USD is currently above the 50 level.
Summary
The price of Bitcoin is showing some positive signs after a recent correction from the $73,500 zone. It is trading below $70,000 and the 100 hourly SMA but has managed to break above a major bearish trend line with resistance at $67,100. If Bitcoin clears the $70,000 resistance zone in the near term, it could gain bullish momentum and aim for higher levels such as $71,200 and even $72,000. However, if it fails to rise above the resistance zone and drops below key support levels like $64,500 and $63,500, it might experience further losses.
Hot Take: Bitcoin Price Holds Support but Faces Resistance
The price of Bitcoin has held its support level at $65,000 and is now attempting to make a fresh increase. However, it is currently facing resistance below $70,000 and the 100 hourly SMA. The immediate resistance lies near $69,200 and if Bitcoin manages to clear this level, it could rise towards $70,000 and even higher levels like $71,200 and $72,000. On the other hand, if it fails to break above the resistance zone and drops below key support levels like $64,500 and $63,500, it might experience further losses. Traders should closely monitor these levels and indicators such as MACD and RSI for potential trading opportunities.
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