Bitcoin price faced a significant hurdle at the $66,000 resistance level, where it struggled to extend its gains. However, it managed to hold above the $63,500 zone, indicating a period of consolidation in the market.
There is a key bullish trend line forming with support at $64,000 on the hourly chart of the BTC/USD pair, suggesting that there is a strong support level in place. On the upside, the price could face resistance near the $65,000 level, with the first major resistance at $66,000.
If Bitcoin manages to break above the $66,000 resistance level, it could spark another increase in the coming sessions. The next key resistance levels to watch out for are $66,500 and $67,200. A close above $67,200 could push the price even higher towards the $68,000 resistance.
On the other hand, if Bitcoin fails to climb above the $65,000 resistance zone, it might continue to move down. Immediate support lies near the $64,000 level and the bullish trend line. The first major support level is at $63,850, followed by $63,500. Further losses could push the price towards the $62,500 support zone in the near term.
The hourly MACD is now losing pace in the bullish zone, indicating a potential shift in momentum. The hourly RSI for BTC/USD is hovering around the 50 level, reflecting a balanced market sentiment.
Bitcoin price is currently in a consolidation phase, with key support and resistance levels to watch out for. Traders and investors should closely monitor the $66,000 resistance level for potential breakout or breakdown scenarios. It is essential to pay attention to technical indicators and price action to gauge the market’s next move accurately.
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