Bitcoin Price Faces Challenge at $65K: Can It Break Through?

Bitcoin price gained momentum and tested the $65,000 resistance level. Bitcoin must clear the $65,000 level to continue rising in the near term.

  • Bitcoin has started a steady rise above the $63,000 area.
  • The price is trading above $63,500 and the 100-hour simple moving average.
  • A major bullish trend line is forming with support at $63,450 on the hourly chart of the BTC/USD pair (data from Kraken).
  • The pair may try to rise again if it breaks the $65,000 resistance area.

Bitcoin Price Looks For More Gains

Bitcoin price remained stable above the $60,000 pivot level. Bitcoin formed a base and started a steady rise above the $62,000 resistance area. The price rose above the $63,200 and $63,500 resistance levels.

Finally, bears appeared near the resistance area at $65,000. A top was formed at $64,950 and now the price is consolidating its gains. There was a slight decline below the $64,500 level. The price tested the 23.6% Fib retracement level of the upward move from the $58,572 low to $64,950 high.

Bitcoin is now trading above the $63,200 level and the 100 hourly simple moving average. A major bullish trend line is 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 major resistance is near the $65,000 level. A clear move above the $65,000 resistance could push the price higher in the coming sessions. The next major resistance could be at $65,500.

source: BTCUSD on TradingView.com

A close above the $65,500 resistance level could lead to further gains. In the mentioned case, the price could rally and test the $67,200 resistance level.

Another Bitcoin Drop?

If Bitcoin fails to rise above the $65,000 resistance area, 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 area. Any further losses could push the price towards the $61,750 support area or the 50% Fib retracement level of the upside move from the $58,572 swing low to $64,950 high in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing momentum in the bullish zone.

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

Key support levels – $63,800, followed by $63,500.

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

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