The recent movement in the price of Bitcoin has shown signs of strength as it tested the $65,000 resistance level. In order to sustain this momentum, BTC needs to break above the $65,000 mark in the short term. The price has been steadily increasing above the $63,000 zone and is currently trading above $63,500, supported by the 100 hourly Simple Moving Average. There is a key bullish trend line forming with support at $63,450 on the hourly chart of the BTC/USD pair, indicating a potential for further upside if the $65,000 resistance is cleared.
Price Stability and Key Levels
Bitcoin has maintained stability above the $60,000 pivot level, forming a base for a potential rally. The price surged above the $62,000 resistance zone and continued its climb past $63,200 and $63,500 resistance levels. However, bears emerged near the $65,000 resistance zone, resulting in a high at $64,950 followed by a consolidation period. Despite a minor decline below $64,500, the price remains above $63,200 and the 100 hourly Simple Moving Average. A break above $65,000 could lead to further gains, with key resistance levels at $65,500 and potentially $67,200.
Potential Downside Risks
If Bitcoin fails to break above the $65,000 resistance zone, a downside correction could occur. Immediate support levels are at $63,800 and $63,500, followed by $62,800. Further losses might push the price towards the $61,750 support zone or the 50% Fibonacci retracement level of the recent upward move. Technical indicators show that the hourly MACD is losing momentum in the bullish zone, while the hourly RSI for BTC/USD is above the 50 level. This suggests a potential for a shift in momentum if key support levels are breached.
The recent price action of Bitcoin points towards a potential breakout above the $65,000 resistance level. However, the market remains cautious as bears are waiting to push the price lower if key resistance levels are not overcome. Traders and investors should closely monitor the price movement and key support levels to assess the direction of the next major move in Bitcoin price.
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