The recent escalation of tensions between Israel and Iran has had a significant impact on the price of Bitcoin. The cryptocurrency experienced a major decline, dropping below the $70,000 level as bearish momentum gained strength. The price plummeted below key support levels at $66,000 and $65,000, ultimately testing the $60,500 support zone. While a low was formed near $60,495, Bitcoin is currently in the process of attempting a recovery wave.
Bitcoin is currently trading below $65,500 and the 100 hourly Simple Moving Average, indicating a bearish trend in the market. However, there is potential for a bullish momentum if the price manages to clear the $66,000 resistance zone. A key rising channel with resistance at $65,850 has formed on the hourly chart of the BTC/USD pair, adding another layer of complexity to the current market dynamics.
The immediate resistance for Bitcoin is near the $65,800 level, followed by the $66,000 resistance zone. If the price successfully surpasses this resistance level, it could pave the way for further upward movement, potentially reaching towards $70,000. However, if Bitcoin fails to break above the $66,850 resistance zone, a new decline may be triggered. Immediate support is located at the $64,500 level, with the first major support at $63,000. A close below $63,000 could lead to a drop towards the $62,000 level, ultimately testing the $60,500 support zone once again.
The hourly MACD (Moving Average Convergence Divergence) for Bitcoin is currently losing pace in the bullish zone, indicating a shift in momentum. On the other hand, the hourly RSI (Relative Strength Index) for BTC/USD is currently above the 50 level, suggesting a potential uptrend in the near future. Major support levels for Bitcoin include $64,500 and $63,000, while major resistance levels are situated at $65,850, $66,000, and $68,000.
The geopolitical tensions between Israel and Iran have had a tangible impact on the price of Bitcoin, leading to a significant decline and subsequent recovery attempt. While the market remains volatile, careful analysis of resistance and support levels, as well as technical indicators, can provide valuable insights for investors looking to navigate these uncertain times. As with any investment, it is crucial to conduct thorough research and exercise caution when making financial decisions in the cryptocurrency market.