Bitcoin, the popular cryptocurrency, has recently experienced a remarkable surge in price. The latest data shows that it has reached a critical resistance level of $66,500 and is now consolidating its gains. In the near future, there is a possibility of another rise towards the $67,500 level. So, what are the important levels to keep an eye on for the price?
To ensure a further increase, Bitcoin needs to surpass the $66,000 mark. Currently, it is in a consolidation phase, trading above the $65,000 level. Looking at the hourly chart of the BTC/USD pair, there is a significant uptrend line at $65,150. It is important for the price to stay above this line, unless the bears push it below $63,800.
In recent times, Bitcoin has shown an impressive performance by surpassing the $65,500 resistance and testing the $66,500 zone. This resulted in a new weekly high of $66,565.
In the near future, the first major resistance level for Bitcoin could be $66,000. If the price manages to move above this level, it could further rise and test the next key resistance level at $66,500. If the bullish momentum continues, we might see the price reaching the $68,000 resistance zone, and potentially even breaking the $70,000 barrier.
On the other hand, if Bitcoin fails to surpass the significant resistance zone of $66,000, it may experience a decline. In this scenario, it is crucial to monitor the technical indicators and critical support levels. Currently, the BTC/USD pair is showing a downward momentum as it failed to break above the $66,000 resistance zone on the hourly chart. It is important for the price to hold near the immediate support level of $65,150 and the short-term trend line.
In case of further decline, the first major support level is identified at $64,200. If the price breaks below this level, it could head towards the main support at $63,800. The next support zone would be around $63,150.
When analyzing the technical indicators, it can be observed that the four-hour MACD is losing its upward momentum and indicating a downward trend. However, the four-hour RSI is currently above the 50 level, suggesting that buying interest is still present.
It is important to note that the information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct their own research.
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Disclaimer: The information in this article is for informational purposes only and does not constitute financial advice.
