Bitcoin price 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 and is facing hurdles near $64,500.
- The price is trading above $62,500 and the 100 hourly simple moving average.
- There is a major uptrend line forming with support at $62,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may have difficulty clearing the $64,500 and $65,000 resistance levels.
Bitcoin price is facing resistance
Bitcoin price found support near the $56,500 area and started a good increase. 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 hourly simple moving average. However, the bears are active again near the $64,500 and $65,000 resistance levels. The high was formed at $64,646 and the price is now consolidating its gains.
It is stable above the 23.6% Fib retracement level of the upward move from the swing low of $56,378 to the swing high of $64,646. There is also a major uptrend line forming with support at $62,800 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading above $62,500 and the 100 hourly simple moving average. Immediate resistance is located near the $64,500 level. The first major resistance could be at $65,000. The next major resistance could be $65,500.
source: BTCUSD on TradingView.com
A clear move above the $65,500 resistance level could send the price higher. The next resistance now lies at $66,800. If there is a clear move above the $66,800 resistance area, the price may continue to rise. In the aforementioned case, the price may rise to about $68,000.
Another drop in BTC?
If Bitcoin fails to rise above the $64,500 resistance area, it could start another decline. Immediate support on the downside is near the $62,800 level and trend line.
The first major support is $61,500. If there is a close below $61,500, the price could start falling towards the 61.8% Fib retracement level of the upward move from the swing low at $56,378 to the $64,646 high at $59,500. Any further losses could send the price towards the $58,000 support area in the near term.
Technical indicators:
Hourly MACD – The MACD indicator is now losing speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now approaching the 50 level.
Key Support Levels – $62,500, followed by $61,500.
Major resistance levels – $64,500, $65,000, and $65,500.
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