$BTC Bitcoin is facing tough resistance levels around $64,500 and $65,000, slowing down its upward momentum. Despite support at $62,800, breaking through these barriers is proving difficult. Bears seem active around these resistance zones, hinting at a potential decline ahead.
$BTC found support around $56,500 before starting a gradual climb, surpassing resistance at $60,000 and $61,200. It reached $62,500, above the 100-hour Simple Moving Average, showing positive sentiment. Yet, efforts to breach $64,500 and $65,000 have met resistance, suggesting strong bearish presence.
If BTC clears $64,500 and $65,000, the next hurdle is $65,500. Breaking this could push BTC to $66,800, targeting $68,000 if bullish momentum persists.
However, failing to break these resistances risks reversing recent gains. Dropping below crucial support at $61,500 might trigger a larger decline, potentially reaching $59,500, then $58,000. Technical indicators show a mixed outlook, with the MACD losing bullish momentum and the RSI hovering around 50, indicating uncertainty.
The inability to surpass critical resistance raises concerns of a price drop. If bulls can't breach $64,500 and $65,000, another decline might occur. Breaking below support at $62,800 and $61,500 could signal a deeper correction. On the upside, surpassing $65,500 could lead to a new rally, with $66,800 as the next major obstacle.
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