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 rise further towards the $67,500 level. Investors should pay attention to key levels as they monitor the price.
For Bitcoin to continue its upward trend, it must surpass the $66,000 resistance zone. Presently, it is in a consolidation phase above the $65,000 level. The hourly chart of the BTC/USD pair reveals a significant uptrend line at $65,150. To stay on track for further gains, Bitcoin needs to avoid dropping below $63,800 and instead maintain support above the $63,500 level.
In the recent past, Bitcoin’s price demonstrated impressive performance by surpassing the $65,500 resistance and testing the $66,500 zone, resulting in a new weekly high of $66,565.
Looking ahead, the first major resistance level for Bitcoin is likely to be at $66,000. A clear breakthrough above this level could propel the price higher, testing the next key resistance level at $66,500. If the bullish trend continues, Bitcoin could potentially reach the $68,000 resistance zone and even surpass the $70,000 barrier.
On the other hand, if Bitcoin fails to overcome the significant resistance zone of $66,000, a decline may be expected. In this scenario, investors closely monitor technical indicators and critical support levels. Currently, the BTC/USD pair is struggling to break above the $66,000 resistance zone on the hourly chart, indicating a downward momentum. It is crucial for the price to maintain support near the immediate level of $65,150 and the short-term trend line.
In the event of a further decline, 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 drop towards the $63,150 support zone in the near term.
When analyzing technical indicators, the four-hour MACD is losing its upward momentum and showing a downward trend, while the four-hour RSI is currently above the 50 level, suggesting ongoing buying interest.
Investors should exercise caution and conduct their own research as cryptocurrencies are highly volatile and carry inherent risks. The information provided in this article does not constitute investment advice. Stay updated on the latest news through Telegram, Facebook, Twitter, and Coinmarketcap.