Bitcoin has recently shown positive momentum as it tested the $65,000 resistance level. In order to continue its upward trajectory, BTC must successfully clear the $65,000 hurdle. The cryptocurrency started its climb above the $63,000 zone and is currently trading above $63,500, supported by the 100 hourly Simple Moving Average.
A key bullish trend line is also forming with support at $63,450 on the hourly chart of the BTC/USD pair. While the price is consolidating after reaching a high of $64,950, Bitcoin remains above $63,200 and the 100 hourly SMA. The next major resistance levels are at $64,500 and $65,000, with a potential move towards $65,500 if the resistance is cleared.
On the downside, immediate support can be found near the $63,800 level, followed by $63,500. Further support lies around the $62,800 zone, with the possibility of a downside correction if Bitcoin fails to rise above the $65,000 resistance. A drop below $61,750 could signal a more significant pullback in the near term.
Looking at the technical indicators, the hourly MACD is showing signs of losing pace in the bullish zone. On the other hand, the hourly RSI for BTC/USD is currently above the 50 level, indicating a positive sentiment in the market. These factors suggest that while there is a bullish bias, caution is warranted as Bitcoin approaches key resistance levels.
The future of Bitcoin price movement remains uncertain as the cryptocurrency faces critical levels of support and resistance. While positive momentum is evident, there is a risk of a downside correction if Bitcoin fails to break above the $65,000 resistance. Traders and investors should closely monitor the key levels mentioned above to gauge the direction of Bitcoin’s next move in the volatile cryptocurrency market.
Leave a Reply