Bitcoin price has experienced a significant decline following the rising tensions between Israel and Iran. The cryptocurrency dropped to a low of $60,500 before attempting a recovery wave. Despite this recovery attempt, Bitcoin is still trading below $65,500 and the 100 hourly Simple Moving Average.
A key rising channel has been identified with resistance at $65,850 on the hourly chart of the BTC/USD pair. This indicates that there is potential for bullish momentum if the price manages to clear the $66,000 resistance zone. However, Bitcoin is currently facing challenges as it trades below $67,000 and the 100 hourly Simple Moving Average.
Resistance and Support Levels
The first major resistance for Bitcoin is at $66,000, followed by $68,000 and the 100 hourly Simple Moving Average. If the price breaks above $68,000, it could continue to move upward towards $70,000 and potentially even reach the $71,200 zone. On the other hand, failure to surpass the $66,850 resistance zone could lead to another decline in price.
Immediate support levels on the downside are seen at $64,500 and $63,000. A close below $63,000 could trigger further downward movement towards $62,000 and the initial support level of $60,500. It is essential for investors to closely monitor these levels to make informed trading decisions.
Technical Indicators
Hourly MACD shows a loss of momentum in the bullish zone, indicating potential weakness in Bitcoin’s price movement. However, the Hourly RSI for BTC/USD remains above the 50 level, suggesting a neutral stance. Traders should pay attention to these technical indicators in conjunction with the price levels for a comprehensive analysis.
It is crucial to note that the information provided in this article is for educational purposes only and does not constitute financial advice. Investing in cryptocurrencies carries inherent risks, and individuals are strongly advised to conduct thorough research before making any investment decisions. NewsBTC does not endorse specific actions to buy, sell, or hold any investments, and all decisions are made at the individual’s own risk.