Bitcoin Price Consolidates Below Hurdles, Can BTC Bounce Back?
Bitcoin price is consolidating below the $65,000 resistance zone. BTC must surpass $65,000 and $67,000 to move into a bullish zone again.
Bitcoin is struggling to gain pace for a move above the $65,000 resistance zone.
The price is trading below $65,000 and the 100 hourly Simple moving average.
There was a break above a connecting bearish trend line with resistance at $63,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could gain bullish momentum if it clears the $67,000 resistance zone.
Bitcoin Price Eyes Upside Break
Bitcoin price failed to clear the $67,000 resistance zone. BTC started another decline and traded below the $65,000 support zone. It even declined below $62,000 before the bulls emerged.
A low was formed near $61,551 and the price is now attempting a fresh recovery wave. There was a break above a connecting bearish trend line with resistance at $63,000 on the hourly chart of the BTC/USD pair. The pair climbed above the 23.6% Fib retracement level of the recent decline from the $66,898 swing high to the $61,551 low.
Bitcoin price is trading below $65,000 and the 100 hourly Simple moving average. Immediate resistance is near the $64,250 level. It is close to the 50% Fib retracement level of the recent decline from the $66,898 swing high to the $61,551 low.
The first major resistance could be $64,850. The next resistance now sits at $65,000. If there is a clear move above the $65,000 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $66,500.
Source: BTCUSD on TradingView.com
The next major resistance is near the $67,200 zone. Any more gains might send Bitcoin toward the $70,000 resistance zone in the near term.
Another Decline In BTC?
If Bitcoin fails to rise above the $65,000 resistance zone, it could start another decline. Immediate support on the downside is near the $62,800 level.
The first major support is $62,000. If there is a close below $62,000, the price could start to drop toward the $61,500 level. Any more losses might send the price toward the $60,500 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 above the 50 level.
Major Support Levels – $63,000, followed by $62,000.
Major Resistance Levels – $64,850, $65,000, and $67,000.
Filed under: Bitcoin - @ April 17, 2024 2:58 am