Bitcoin Price on the Verge of a Major Move, Levels To Watch!

The #Bitcoin price has been experiencing notable fluctuations on the 4-hour chart, with recent closing prices showcasing a tight trading range. Current levels suggest a mix of opportunities and potential challenges for traders.

$BTC closed at $65,454.31 in the last session, maintaining its position above the crucial support level of $65,186.85. The next support lies at $64,882.01, which could be tested if bearish momentum increases. On the upside, #BTC faces resistance at $66,503.80 and $66,691.99, with an intermediate resistance at $66,169.85. Breaking these levels could pave the way for new highs.

The 9 EMA is trending upwards, currently around $64,727.54, while the 20 EMA is slightly lower at $63,295.54. This alignment indicates a bullish sentiment as the shorter-term EMA remains above the longer-term EMA, suggesting upward momentum.

MACD values reflect a bullish trend, with the MACD line staying above the signal line. However, the histogram shows a narrowing difference, signaling that the bullish momentum might be weakening. Traders should watch for a potential crossover, which could indicate a shift towards bearish momentum.

Meanwhile, RSI readings hover around 70, indicating that BTC is in the overbought territory. While this typically suggests a potential for a price pullback, it also confirms strong buying interest. Traders should monitor RSI levels closely for signs of divergence, which could hint at an upcoming trend reversal.

BTC's price movement in the coming sessions will likely hinge on its ability to hold above key support levels and break through resistance points. If BTC manages to stay above $65,186.85 and breach $66,169.85, the crypto could make a move towards $66,503.80 and potentially $66,691.99. Conversely, falling below $65,186.85 might push the price towards the next support at $64,882.01, with a further decline leading to increased bearish pressure. #BTC☀️ #Bitcoin❗️ The full analysis and trade strategy were originally posted on www.ecoinimist.com.