Bitcoin, a digital currency that has captivated the attention of investors and enthusiasts worldwide, has recently exhibited a remarkable performance, with its price surging rapidly. According to the latest data, Bitcoin has tested the critical resistance level of $66,500 and is currently consolidating its gains. In the coming period, another attempt towards the $67,500 level may be on the cards. So, what are the key levels to watch for the price?
Bitcoin Must Surpass $66,000
Bitcoin seems to have entered a consolidation phase from the $66,500 resistance area. The price is currently trading above the $65,000 level, and the BTC/USD pair’s hourly chart shows a significant uptrend line at the $65,150 level. Unless the bears push the price below $63,800, Bitcoin is likely to start a new increase. In this case, Bitcoin’s price may continue to be supported, and a new rise above the $63,500 level may be observed.
Bitcoin’s price has recently shown a notable performance, surpassing the $65,500 resistance and testing the $66,500 area, which has resulted in a new weekly high of $66,565. In the coming period, the first major resistance level for Bitcoin could be $66,000. A clear move above this level could push the price further up and cause it to test the next key resistance level of $66,500. If the bulls remain active, the price could rise towards the $68,000 resistance area, and further gains could send Bitcoin towards the $70,000 barrier.
What Levels to Watch If a Decline Occurs?
If Bitcoin fails to surpass the significant resistance area of $66,000, it may exhibit more bearish tendencies. In this case, technical indicators and critical support levels will be closely monitored. Currently, the BTC/USD pair has failed to break above the $66,000 resistance area on the hourly chart and is showing downward momentum. It is crucial for the price to hold near the immediate support level of $65,150 and the trend line in the short term.
If further declines occur, the first major support level is determined to be $64,200. Beyond that, the main support is around $63,800. A break below this level could direct the price towards the $63,150 support area in the near term. When examining technical indicators, the four-hour MACD has lost its upward momentum and is showing a downward trend, while the four-hour RSI is currently above the 50 level, indicating that buying pressure continues.
Investors and traders should closely monitor the performance of Bitcoin and stay informed about the latest developments in the cryptocurrency market. As with any investment, it is essential to conduct thorough research and be aware of the risks involved.
