Bitcoin Struggles to Break Resistance at $65,500
Bitcoin is currently facing challenges in gaining momentum to surpass the critical $65,500 resistance level. However, the cryptocurrency is holding above $64,000 and the 100 hourly Simple Moving Average, indicating a possible bullish outlook.
Key Contracting Triangle Forming
A key contracting triangle is forming with resistance at $65,100 on the hourly chart of the BTC/USD pair. This pattern suggests that Bitcoinโs price is consolidating before a potential breakout, with the possibility of a fresh surge if the resistance at $65,500 is breached.
- If the $65,500 resistance is cleared, a new uptrend may start.
Bitcoin Price Starts Increasing
Bitcoinโs price recently found support above $60,000 and initiated a fresh increase. Bullish momentum pushed the price above key resistance levels at $62,500 and $63,500, with the price even surpassing $65,000.
Despite reaching a recent high near $65,598, the price is currently consolidating below the $65,500 resistance level. However, it remains above the 23.6% Fib retracement level of the upward move from the $59,666 swing low.
- Bitcoinโs price is currently trading above $64,000 and the 100 hourly Simple Moving Average.
- Immediate resistance is expected near $65,100 with a potential upside towards $66,000 if the $65,500 obstacle is overcome.
Downside Correction Possible
Should Bitcoin fail to break above the $65,500 resistance zone, a downside correction may ensue. Immediate support levels are anticipated near $64,500, followed by a crucial support at $64,000.
In the event of a close below $64,000, the price could retracement towards the 50% Fib level at $62,500. Further losses might drive Bitcoin towards the $61,200 support region in the short term.
- Hourly MACD suggests a potential loss of bullish momentum.
- Hourly RSI for BTC/USD currently hovers near the 50 level.
Technical Indicators and Price Levels
Key technical indicators for Bitcoin price:
- Major Support Levels: $64,500, followed by $64,000.
- Major Resistance Levels: $65,100, $65,500, and $66,000.
Hot Take: Stay Cautiously Optimistic
As Bitcoin continues to wrestle with the $65,500 resistance zone, a breakout could trigger a new uptrend towards higher price levels. However, in case of a downside correction, watch out for key support levels to gauge potential reversal points. Monitor technical indicators closely for possible shifts in momentum as the cryptocurrency market navigates through volatile waters.
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