Bitcoin price has been making significant movements in the market, testing the $65,000 resistance level. In order to continue on an upward trajectory in the near term, BTC must successfully clear this crucial hurdle.
Bitcoin recently experienced a steady increase in price, surpassing the $63,000 zone. As of now, the price is trading above $63,500 and is supported by the 100 hourly Simple Moving Average. Additionally, a key bullish trend line has formed with support at $63,450 on the hourly chart of the BTC/USD pair from Kraken. If Bitcoin manages to clear the $65,000 resistance zone, it might attempt a fresh increase.
Bitcoin price has remained stable above the $60,000 pivot level, forming a base before starting its ascent above the $62,000 resistance zone. Even as it climbed above the $63,200 and $63,500 resistance levels, the bears made an appearance near the $65,000 resistance zone. This resulted in a high being formed at $64,950, with the price currently consolidating its gains. With a minor decline below the $64,500 level, the price tested the 23.6% Fib retracement level from the upward move.
Bitcoin is currently trading above $63,200 and the 100 hourly Simple Moving Average, accompanied by a key bullish trend line offering support at $63,450. The hourly MACD indicator shows a loss in pace within the bullish zone, while the Hourly RSI (Relative Strength Index) hovers above the 50 level.
In the coming sessions, Bitcoin may face resistance near the $64,500 level, with the first key resistance at $65,000. A clear move above this level could pave the way for further gains, potentially reaching $65,500 and beyond. On the downside, if Bitcoin fails to break through the $65,000 resistance zone, a downside correction may ensue. Immediate support is seen near $63,800, followed by $63,500 and $62,800. Further losses could lead the price towards the $61,750 support zone or the 50% Fib retracement level.
This detailed analysis of Bitcoin’s current price movement highlights the importance of key resistance and support levels in determining the future trajectory of the cryptocurrency. Traders and investors alike will be closely monitoring these levels to gauge potential opportunities in the market.
