Bitcoin Price Rejects Key Resistance, Time For Another Drop In BTC?

Bitcoin price has started to rise steadily above the $62,500 resistance level. BTC is once again struggling to clear the $64,500 and $65,000 resistance levels.

  • Bitcoin is showing positive signs as it faces a hurdle near $64,500.
  • The price is trading above $62,500 and the 100-hour simple moving average.
  • On the hourly chart of the BTC/USD pair, a major bullish trend line is forming with support at $62,800 (data feed from Kraken).
  • The pair may struggle to clear the $64,500 and $65,000 resistance levels.

Bitcoin price faces resistance

Bitcoin price found support near the $56,500 zone and started a decent uptrend. 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-hour simple moving average. However, the bears have become active again around the $64,500 and $65,000 resistance levels. A high was formed at $64,646 and the price is currently consolidating its upside.

It has stabilized above the bull market’s 23.6% Fib retracement level from the swing low of $56,378 to the high of $64,646. There is also a significant bullish trend line forming with support at $62,800 on the hourly chart of the BTC/USD pair.

Bitcoin is currently trading above $62,500 and its 100-hour simple moving average. Immediate resistance is near the $64,500 level. The first major resistance level could be at $65,000. The next major resistance level could be at $65,500.

sauce: BTCUSD on TradingView.com

A clear break above the $65,500 resistance could push the price higher. The next resistance level is currently located at $66,800. If there is a clear move above the $66,800 resistance zone, the price could continue higher. In the above case, the price could rise towards his $68,000.

Will BTC fall again?

If Bitcoin fails to rise above the $64,500 resistance zone, further decline could begin. Immediate support on the downside is near the $62,800 level and trend line.

The first major support is at $61,500. If there is a close below $61,500, the price could begin to fall toward the 61.8% Fib retracement level of the bull market from the $56,378 swing low to $64,646 high at $59,500. Any further losses could send the price towards the $58,000 support zone in the short term.

Technical indicators:

Hourly MACD – The MACD is currently losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently near the 50 level.

Major support level – $62,500, then $61,500.

Key resistance levels – $64,500, $65,000, and $65,500.

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell, or hold an investment, and investing naturally involves risk. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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