🔥🔥🔥 #bitcoinprice Could Attempt to Recover Lost Ground But Faces Many Hurdles
Bitcoin's price is currently consolidating above the $64,000 mark, with potential for recovery if it surpasses the crucial $65,650 resistance zone.
Bitcoin recently initiated a minor rebound above $65,000. However, it remains below $65,500 and the 100-hourly Simple Moving Average. On the hourly chart of the BTC/USD pair from Kraken, a short-term contracting triangle is forming with resistance at $65,400.
After testing as low as $64,050, Bitcoin corrected some losses by climbing above $64,500. The bulls encountered resistance near the $65,500 level, hindering further upside progress. Despite this, the price managed to surpass the 23.6% Fibonacci retracement level of the recent decline from the $67,255 high to the $64,050 low.
As Bitcoin continues trading below $65,500, the immediate challenge remains at the $65,400 resistance and the triangle trend line. To resume an upward trend, BTC must decisively breach the $65,400 and $65,650 resistance levels. A successful move above $66,000 could trigger a sustained rally towards $66,550 and potentially higher to the $67,500 resistance.
Conversely, failure to surpass the $65,650 hurdle might prompt another downturn. Initial support lies near $64,850, followed by more substantial levels at $64,400 and $64,000. Further losses could lead Bitcoin towards the $63,200 support area in the near term.
Technical Indicators:
- Hourly MACD: Showing signs of losing bearish momentum.
- Hourly RSI (Relative Strength Index): Currently above the 50 level, indicating potential strength in the short term.
Key Levels to Watch:
- Major Support Levels: $64,400, $64,000
- Major Resistance Levels: $65,400, $65,650
This technical outlook underscores Bitcoin's current consolidation phase and the critical resistance levels that could dictate its next major move in the coming sessions.
Source - newsbtc.com
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