Bitcoin price has shown signs of recovery as it climbed above the $64,000 resistance zone. However, the digital currency is now facing hurdles near the $65,500 and $66,000 levels. It is struggling to gain pace for a move above the $65,500 resistance zone.
Currently, there is a key contracting triangle forming with resistance at $65,100 on the hourly chart of the BTC/USD pair. The immediate resistance is near the $65,100 level, with the first major resistance at $65,500 and the next at $66,000. If there is a clear move above the $66,000 resistance zone, the price could continue to move up towards $67,500 and potentially reach the $68,500 zone.
On the other hand, if Bitcoin fails to rise above the $65,500 resistance zone, it could potentially start a downside correction. Immediate support on the downside is near the $64,500 level, followed by the first major support at $64,000. A close below $64,000 could signal a drop towards the 50% Fib retracement level at $62,500, and further losses might send the price to the $61,200 support zone in the near term.
Hourly MACD is losing pace in the bullish zone, and the Hourly RSI for BTC/USD is now near the 50 level. This suggests that the digital currency is at a critical juncture, and investors should pay attention to these key technical indicators to gauge the potential price movements.
Final Thoughts
The Bitcoin price movement is currently at a crucial point, with key resistance and support levels dictating its future direction. It is essential for traders and investors to closely monitor the price action and technical indicators to make informed decisions. As always, investing in cryptocurrencies carries risks, so it is advisable to conduct thorough research before making any investment decisions. Remember, all information provided here is for educational purposes only, and any investment decisions should be made at your own risk.