Bitcoin

Resistance

Bitcoin price recovered and climbed above the $64,000 resistance zone. BTC is now facing hurdles near the $65,500 and $66,000 levels. 
<ul> 
 <li>Bitcoin is now struggling to gain pace for a move above the $65,500 resistance zone.</li> 
 <li>The price is trading above $64,000 and the 100 hourly Simple moving average.</li> 
 <li>There is a key contracting triangle forming with resistance at $65,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could start a fresh surge if it clears the $65,500 resistance zone.</li> 
</ul> 
<h2 id="bitcoin-price-starts-increase">Bitcoin Price Starts Increase</h2> 
Bitcoin price <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-risk-60k/" target="_blank" rel="noopener ">found support above $60,000</a> and started a fresh increase. BTC climbed above the $62,500 and $63,500 resistance levels. The bulls even pushed the price above the $65,000 level. 
However, the bears seem to be active near the $65,500 zone. The recent high was formed at $65,598 and the price is now consolidating gains. There was a drop below the $65,000 level, but the price is still above the 23.6% Fib retracement level of the upward move from the $59,666 swing low to the $65,598 low. 
Bitcoin price is trading above $64,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-at-break-moment-60k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. Immediate resistance is near the $65,100 level. There is also a key contracting triangle forming with resistance at $65,100 on the hourly chart of the BTC/USD pair. 
The first major resistance could be $65,500. The next resistance now sits at $66,000. If there is a clear move above the $66,000 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $67,500. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_a384e6.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-604373" src="https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_a384e6.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_a384e6.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_a384e6.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_a384e6.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_a384e6.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_a384e6.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_a384e6.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_a384e6.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/BTCUSD/" target="_blank" rel="noopener nofollow">BTCUSD on TradingView.com</a> 
The next major resistance is near the $68,500 zone. Any more gains might send Bitcoin toward the $70,000 resistance zone in the near term. 
<h2 id="downside-correction-in-btc">Downside Correction In BTC?</h2> 
If Bitcoin fails to rise above the $65,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $64,500 level. 
The first major support is $64,000. If there is a close below $64,000, the price could start to drop toward the 50% Fib retracement level of the upward move from the $59,666 swing low to the $65,598 low at $62,500. Any more losses might send the price toward the $61,200 support zone in the near term. 
Technical indicators: 
Hourly MACD – The MACD is now losing pace in the bullish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level. 
Major Support Levels – $64,500, followed by $64,000. 
Major Resistance Levels – $65,100, $65,500, and $66,000.

Bitcoin Price Approaches Breakout, Can BTC Pump Above $66K?

Съдържание

NewsBTC

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