Bitcoin Struggles to Regain Ground Above $65,000
Bitcoin faced a setback as it dipped below the $65,000 mark and tested support near $64,000. Despite a minor recovery, BTC is currently trading below $65,500 and the 100 hourly Simple Moving Average. A short-term contracting triangle is taking shape with resistance at $65,400 on the hourly chart of the BTC/USD pair sourced from Kraken.
- If Bitcoin clears the resistance levels at $65,400 and $65,650, a potential recovery rally may be on the horizon.
Bitcoin Price Retreats Below Key Levels
Following a drop below $65,000, Bitcoin found support around $64,050 before initiating a corrective phase. Despite a brief uptick above $64,500, the bears continue to pose a challenge near the $65,500 level. The cryptocurrency is currently trading below the key resistance levels and the 100 hourly SMA, indicating a bearish outlook for the immediate future.
- Bitcoin’s price is encountering resistance near $65,400, the triangle trend line, and the 50% Fib retracement level from its recent swing high to low.
- A break above $66,000 is crucial to kickstart a bullish trend and potentially push the price towards $66,550 and $67,500 in the short term.
Potential for Further Downside in Bitcoin Price
If Bitcoin fails to surpass the $65,650 resistance, a downside correction may ensue. The immediate support level stands at $64,850, followed by major support near $64,400 and $64,000. A breach below these levels could see Bitcoin testing the $63,200 support zone.
- Hourly MACD shows a weakening bearish momentum, while the RSI for BTC/USD is above 50.
- Key support levels to watch include $64,400 and $64,000, with resistance levels at $65,400 and $65,650.
Hot Take: Bitcoin’s Battle for Recovery Continues
Bitcoin remains in a tight spot as it struggles to reclaim ground above $65,000. With resistance levels looming ahead, the cryptocurrency faces a crucial juncture in its price action. Traders are advised to monitor key support and resistance levels closely to gauge the potential direction of Bitcoin’s next move.
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