Bitcoin’s price has been struggling to extend gains above the $66,000 resistance level, despite trading above $63,500 and the 100 hourly Simple Moving Average. The key bullish trend line with support at $64,000 on the hourly chart of the BTC/USD pair indicates a potential move up, unless the $63,500 support zone is breached.
Bitcoin price remained in a bullish zone above the $63,500 and $63,800 resistance levels as it made another attempt to clear the $66,000 resistance zone. However, bulls failed to extend gains, resulting in a downside correction. The price dropped below $65,000 and $64,500 levels, finding support near $63,850 and the 61.8% Fib retracement level.
Bitcoin’s price is now trading above $64,000 and the 100 hourly Simple Moving Average, with potential resistance near the $65,000 level. The first key resistance is at $66,000, followed by $66,500 and $67,200. A close above $67,200 resistance could push the price higher towards $68,000.
If Bitcoin fails to climb above the $65,000 resistance zone, it could face further downside pressure. Immediate support is near $64,000 and the trend line, followed by major support levels at $63,850 and $63,500. Any additional losses may lead to a test of the $62,500 support zone in the near term.
The hourly MACD is losing pace in the bullish zone, while the RSI for BTC/USD is near the 50 level. Major support levels include $64,000 and $63,500, with major resistance levels at $65,000 and $66,000.
Overall, Bitcoin’s price is at a critical juncture, with the potential to break above key resistance levels or face further downside pressure. Traders should closely monitor price movements and technical indicators to make informed decisions in the volatile cryptocurrency market.