Bitcoin price has been steadily increasing, surpassing the $62,500 resistance level. However, it is facing challenges in clearing the $64,500 and $65,000 resistance levels.
Currently, Bitcoin is exhibiting positive signs but encountering obstacles near the $64,500 mark. The price is trading above $62,500 and the 100 hourly Simple moving average. A key bullish trend line is forming with support at $62,800 on the BTC/USD pair’s hourly chart.
After finding support near $56,500, Bitcoin’s price saw a notable increase, breaking through the $60,000 and $61,200 resistance levels. Despite reaching $63,500 and the 100 hourly Simple moving average, the bears are active near the $64,500 and $65,000 resistance levels. The price is consolidating gains after hitting a high of $64,646.
Bitcoin is currently stable above the 23.6% Fib retracement level and the key bullish trend line at $62,800. It is trading above $62,500 and the 100 hourly Simple moving average, with immediate resistance at $64,500 and major resistance at $65,000 and $65,500.
A clear move above the $65,500 resistance could propel the price higher towards $66,800 and potentially $68,000. However, if Bitcoin fails to break above $64,500, it may experience another decline. Immediate support lies at $62,800, with major support at $61,500. Further losses could see the price drop towards $59,500 and potentially the $58,000 support zone.
Technical indicators show that the MACD is losing pace in the bullish zone, while the RSI for BTC/USD is near the 50 level. Major support levels are at $62,500 and $61,500, with major resistance levels at $64,500, $65,000, and $65,500.
Please note that this article is for educational purposes only and does not constitute investment advice. It is recommended to conduct your own research before making any investment decisions. Trading cryptocurrencies carries risks, and all information provided should be used at your own discretion.