Market
Bitcoin Price Faces Challenge at $65K: Can It Break Through?
Bitcoin price gained pace and tested the $65,000 resistance. BTC must clear $65,000 to continue higher in the near term.
- Bitcoin started a steady increase above the $63,000 zone.
- The price is trading above $63,500 and the 100 hourly Simple moving average.
- There is a key bullish trend line forming with support at $63,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might attempt a fresh increase if it clears the $65,000 resistance zone.
Bitcoin Price Eyes More Gains
Bitcoin price remained stable above the $60,000 pivot level. BTC formed a base and started a steady increase above the $62,000 resistance zone. The price climbed above the $63,200 and $63,500 resistance levels.
Finally, the bears appeared near the $65,000 resistance zone. A high was formed at $64,950 and the price is now consolidating gains. There was a minor decline below the $64,500 level. The price tested the 23.6% Fib retracement level of the upward move from the $58,572 swing low to the $64,950 high.
Bitcoin is now trading above $63,200 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support at $63,450 on the hourly chart of the BTC/USD pair.
On the upside, the price could face resistance near the $64,500 level. The first key resistance is near the $65,000 level. A clear move above the $65,000 resistance might send the price further higher in the coming sessions. The next key resistance could be $65,500.
A close above the $65,500 resistance might spark more upsides. In the stated case, the price could rise and test the $67,200 resistance.
Another Decline In BTC?
If Bitcoin fails to rise above the $65,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $63,800 level.
The first major support is $63,500. The next support is now near the $62,800 zone. Any more losses might send the price toward the $61,750 support zone or the 50% Fib retracement level of the upward move from the $58,572 swing low to the $64,950 high 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 above the 50 level.
Major Support Levels – $63,800, followed by $63,500.
Major Resistance Levels – $64,500, and $65,000.