Bitcoin price has shown signs of recovery as it climbed above the $64,000 resistance zone. However, the bulls are currently facing hurdles near the $65,500 and $66,000 levels. The price is struggling to gain momentum for a move above the $65,500 resistance zone, even though it is currently trading above $64,000 and the 100 hourly Simple moving average.
A key contracting triangle is forming with resistance at $65,100 on the hourly chart of the BTC/USD pair. The immediate resistance is near the $65,100 level, followed by a major resistance at $65,500. If the price manages to clear the $65,500 resistance zone, it could start a fresh surge towards $66,000. On the other hand, the next major resistance sits near the $68,500 zone, with further gains potentially leading Bitcoin towards the $70,000 resistance zone in the near term.
If Bitcoin fails to break above the $65,500 resistance zone, a downside correction could be seen. Immediate support on the downside is near the $64,500 level, with the first major support at $64,000. A close below $64,000 could signal a drop towards the 50% Fib retracement level at $62,500. Further losses might send the price towards the $61,200 support zone in the near term.
The Hourly MACD is losing momentum in the bullish zone, indicating a potential shift in momentum. The Hourly RSI for BTC/USD is currently near the 50 level, suggesting a neutral outlook in the short term.
Bitcoin price is facing strong resistance levels near $65,500 and $66,000, making it difficult for the bulls to gain traction. Traders should closely watch for a clear break above these resistance levels to confirm a bullish continuation. On the other hand, a failure to break above could lead to a downside correction towards key support levels. As always, it is important for investors to conduct their own research and consider the risks before making any investment decisions in the cryptocurrency market.
