Bitcoin's price has recently gained momentum, testing the crucial $65,000 resistance level. To maintain its upward trajectory in the short term, BTC needs to break through this barrier.
Key Highlights:
Bitcoin initiated a steady rise, surpassing the $63,000 mark.
The price is currently trading above $63,500, staying above the 100-hour Simple Moving Average (SMA).
A significant bullish trend line has formed, offering support around $63,450 on the hourly chart of the BTC/USD pair (data sourced from Kraken).
If Bitcoin can successfully clear the $65,000 resistance, it may prompt a fresh surge.
Bitcoin Price Poised for Further Gains
Bitcoin's price held steady above the crucial $60,000 pivot point. After forming a solid base, BTC began to climb steadily, breaking through the $62,000 resistance zone. It continued its ascent, surpassing both the $63,200 and $63,500 resistance levels.
However, strong resistance emerged near the $65,000 mark, where the price reached a peak at $64,950 before entering a consolidation phase. A slight pullback occurred, with the price dipping below $64,500. It tested the 23.6% Fibonacci retracement level, which measured the upward move from the $58,572 low to the $64,950 high.
Currently, Bitcoin is trading above $63,200, remaining above the 100-hour Simple Moving Average. The bullish trend line at $63,450 continues to provide support for the BTC/USD pair.
Potential Resistance and Upside Targets
On the upside, Bitcoin might encounter initial resistance around $64,500. The primary obstacle, however, lies at the $65,000 level. Should the price break clearly above this resistance, it could pave the way for further gains in the upcoming sessions. The next significant resistance is expected at $65,500. A close above this level might trigger a more substantial rally, potentially pushing the price towards the $67,200 resistance zone.
Possibility of a Downside Correction
If Bitcoin struggles to surpass the $65,000 resistance zone, it could face a downward correction. Immediate support on the downside is around the $63,800 level.
The first major support level is at $63,500, followed by the $62,800 zone. A deeper decline could see the price falling towards the $61,750 support area, aligning with the 50% Fibonacci retracement level of the move from the $58,572 low to the $64,950 high.
Technical Indicators:
Hourly MACD: The MACD is losing momentum within the bullish zone.
Hourly RSI (Relative Strength Index): The RSI for BTC/USD is currently above the 50 level.
Key Support Levels: $63,800, followed by $63,500.
Key Resistance Levels: $64,500, and $65,000.
Notice:
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