Bitcoin Price Analysis: Can BTC Break $65,000 Resistance?
Bitcoin’s price has been on a steady rise, surpassing the $63,000 mark and currently trading above $63,500. The digital asset is following a positive trend, with a key bullish pattern forming on the hourly chart, indicating potential for further gains.
Bitcoin Price Eyes More Gains 📈
Bitcoin’s price found stability above the $60,000 level and gradually climbed above the $62,000 resistance zone. Recent price action saw BTC surpassing key resistance levels, including $63,200 and $63,500, before encountering selling pressure near $65,000.
- A local high was established at $64,950 before the price started consolidating gains.
- Minor downside correction tested support near $64,500, holding above the 23.6% Fib retracement level.
- Bitcoin is currently trading above $63,200 and the 100 hourly SMA, while a bullish trend line provides support at $63,450.
- Immediate resistance is at $64,500, with a pivotal level at $65,000. Clearing this barrier could pave the way for further upside towards $65,500.
- A breakout above $65,500 resistance could lead to a test of $67,200 in the near term.
Potential Bearish Scenario for Bitcoin 🐻
If Bitcoin struggles to surpass the $65,000 resistance, a downside correction might be imminent. Key support levels to watch include:
- Immediate support at $63,800.
- Major support near $63,500, followed by $62,800.
- Further losses could target $61,750 or the 50% Fib retracement level from recent swing lows to highs.
Technical Indicators 📊
Key technical indicators for Bitcoin price movement include:
- Hourly MACD: Losing bullish momentum.
- Hourly RSI: Above the 50 level, reflecting current strength.
- Major Support Levels: $63,800, $63,500.
- Major Resistance Levels: $64,500, $65,000.
Hot Take: Bitcoin Bulls Eyeing $65,000 Breakout 🚀
Bitcoin’s price surge above $63,000 signals a bullish trend, with potential for further gains if key resistance at $65,000 is breached. Traders are closely watching support levels for downside protection and resistance levels for breakout confirmation in the coming sessions.
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