The recent movement in Bitcoin price has shown signs of recovery as it climbed above the crucial $64,000 resistance zone. However, the digital asset is currently facing hurdles near the $65,500 and $66,000 levels. This suggests that the bulls are struggling to gain momentum for a significant move above the resistance zone.
Bitcoin 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 levels are near $65,100, $65,500, and $66,000. A clear move above the $66,000 resistance zone could pave the way for further upside potential, with the price potentially rising towards $67,500.
On the other hand, if Bitcoin fails to break above the $65,500 resistance zone, there is a possibility of a downside correction. Immediate support on the downside is near the $64,500 level, followed by $64,000. A close below $64,000 could trigger a drop towards the 50% Fibonacci retracement level at $62,500. Further losses might lead the price towards the $61,200 support zone in the near term.
The hourly MACD for Bitcoin is currently losing pace in the bullish zone, indicating a potential decrease in buying momentum. The hourly RSI for BTC/USD is hovering around the 50 level, suggesting a neutral stance in terms of buying and selling pressure.
The recent price action in Bitcoin suggests that the digital asset is at a crucial juncture. The inability to break above the $65,500 resistance zone could result in a downside correction, while a successful break above $66,000 could lead to a further rally towards $67,500 and beyond. Traders and investors are advised to carefully monitor the price levels and technical indicators to make informed investment decisions. Remember, investing in cryptocurrencies carries risks, and it is important to conduct thorough research before committing to any financial decisions.
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