Bitcoin has recently experienced a remarkable surge in price, reaching the critical resistance level of $66,500. As it consolidates its gains, there is potential for another increase towards the $67,500 level. So, what key levels should we be watching for the price?
Bitcoin must surpass $66,000 in order to continue its upward momentum. Currently, it is in a consolidation phase above the $65,000 level. The hourly chart for the BTC/USD pair shows a significant uptrend line at $65,150. It is important to stay updated with the latest financial and business news on COINTURK FINANCE.
If the bears fail to push the price below $63,800, Bitcoin is likely to start a new increase. This would be supported by a rise above the $63,500 level.
Recently, Bitcoin surpassed the $65,500 resistance and reached a new weekly high of $66,565. In the near future, the first major resistance level for Bitcoin could be $66,000. A clear move above this level would push the price further up and test the next resistance level of $66,500. If the bulls remain active, we could see the price rise towards the $68,000 resistance area. Further gains may even lead Bitcoin to break the $70,000 barrier.
On the other hand, if Bitcoin fails to surpass the significant resistance area of $66,000, we may see a bearish trend. In this case, it is crucial to closely monitor technical indicators and critical support levels. Currently, the BTC/USD pair is showing downward momentum as it failed to break above the $66,000 resistance area 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.
If further declines occur, the first major support level is at $64,200, followed by the main support level around $63,800. A break below this level could direct the price towards the $63,150 support area in the near term.
When analyzing technical indicators, we can see that the four-hour MACD is showing a downward trend after losing its upward momentum. However, the four-hour RSI is currently above the 50 level, indicating that buying pressure continues.
Please note that the information provided in this article does not constitute investment advice. Cryptocurrencies are highly volatile and carry risks, so investors should conduct their own research. Stay updated with our news on Telegram, Facebook, Twitter, and Coinmarketcap.
