Bitcoin’s price recently experienced a drop and tested the $65,500 support level, prompting concerns among investors. However, the cryptocurrency is now in a phase of consolidation and may be gearing up for a potential uptick if it can break through the $66,500 resistance.
Despite a slight recovery, Bitcoin finds itself struggling to surpass the $66,500 hurdle. The presence of a bearish trend line with a resistance point at $66,400 is posing a challenge for the cryptocurrency. Additionally, trading below $68,000 and the 100-hourly Simple Moving Average adds further pressure on Bitcoin’s price movement.
If Bitcoin manages to break above the $66,500 resistance zone, it could open doors for a potential rally towards higher price levels. Key resistance points to watch out for include $67,650 and $68,200. A successful breach of these levels could mark a significant bullish trend for Bitcoin, with a possibility of testing the $70,000 resistance in the near future.
On the flip side, failure to overcome the $66,500 barrier could trigger another downtrend for Bitcoin. Immediate support lies around the $66,000 mark, followed by more substantial support at $65,350. Any further decline may push the price towards the $63,500 support zone, signaling a bearish sentiment in the short term.
Analyzing the technical indicators, the hourly MACD shows signs of losing momentum in the bearish zone, while the RSI for BTC/USD is below the 50 level, indicating a cautious market sentiment. Major support levels include $66,000 and $65,350, while major resistance levels stand at $66,500 and $67,650.
Bitcoin’s price movement is currently at a critical juncture, with potential for both upside and downside movements. Traders and investors need to closely monitor the key resistance and support levels to gauge the future direction of Bitcoin’s price trend.