Bitcoin
Bitcoin Price Rejects Key Resistance, Is It Time for Another BTC Drop?
Bitcoin price began a steady rise above the $62,500 resistance. BTC is again struggling to overcome the $64,500 and $65,000 resistance levels.
- Bitcoin is showing positive signs and facing hurdles near $64,500.
- The price is trading above $62,500 and the 100 hourly simple moving average.
- There is a bullish trendline forming with support at $62,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may struggle to overcome the $64,500 and $65,000 resistance levels.
Bitcoin Price Faces Resistance
Bitcoin price found support near the $56,500 zone and began a decent increase. There was a clear move above the $60,000 and $61,200 resistance levels.
The bulls pushed the price above the $63,500 level and the 100 hourly simple moving average. However, bears are again active near the $64,500 and $65,000 resistance levels. A high was formed at $64,646 and the price is now consolidating gains.
It is stable above the 23.6% Fibonacci retracement level of the upward move from the $56,378 swing low to $64,646 high. There is also a bullish trend line forming with support at $62,800 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading above $62,500 and the 100 hour simple moving average. Immediate resistance is near the $64,500 level. The first major resistance could be at $65,000. The next key resistance could be at $65,500.
Source: BTCUSD on TradingView.com
A clear move above the $65,500 resistance could push the price higher. The next resistance now lies at $66,800. If there is a clear move above the $66,800 resistance zone, the price could continue rising. In the stated case, the price could rise to $68,000.
Another decline in BTC?
If Bitcoin fails to rise above the $64,500 resistance zone, it could begin another decline. Immediate downside support is near the $62,800 level and trendline.
The first major support is at $61,500. If there is a close below $61,500, the price could start falling towards the 61.8% Fib retracement level of the upward move from the $56,378 swing low to $64,646 high in USD 59,500. Further losses could send the price towards the $58,000 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now close to the 50 level.
Key support levels – $62,500, followed by $61,500.
Main resistance levels – $64,500, $65,000 and $65,500.