Bitcoin has recently experienced a remarkable surge in price, reaching a critical resistance level of $66,500. Currently, the cryptocurrency is consolidating its gains and may attempt to increase further to reach the $67,500 level. Let’s explore the important levels to watch for the price.
To start, Bitcoin seems to have entered a consolidation phase after encountering resistance at $66,500. The current trading level is above $65,000, with a significant uptrend line observed at $65,150 on the BTC/USD pair’s hourly chart. Stay updated on the latest financial and business news by visiting COINTURK FINANCE.
However, if the bears manage to push the price below $63,800, Bitcoin could start a new increase. In such a scenario, the price may find support above the $63,500 level.
Bitcoin’s price recently surpassed the $65,500 resistance and even tested the $66,500 area, reaching a new weekly high of $66,565. Looking ahead, the first major resistance level for Bitcoin could be $66,000. A clear breakthrough of this level could drive the price higher, leading to a test of the next key resistance at $66,500. If the bulls remain active, Bitcoin could rise towards the $68,000 resistance area and potentially even reach the $70,000 barrier.
On the other hand, if Bitcoin fails to surpass the significant resistance area of $66,000, it may indicate a more bearish trend. In this case, it is important to closely monitor technical indicators and critical support levels. Currently, the BTC/USD pair has been unable to break above the $66,000 resistance area on the hourly chart, showing a downward momentum. Therefore, it is crucial for the price to hold near the immediate support level of $65,150 and the short-term trend line.
In the event of further declines, the first major support level is identified at $64,200, followed by the main support level around $63,800. A break below this level could lead to a decline towards the $63,150 support area in the near term.
Examining the technical indicators, the four-hour MACD shows a loss of upward momentum and a downward trend. However, the four-hour RSI is currently above the 50 level, indicating that buying pressure persists.
Please note that the information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and conduct their own research.
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