Bitcoin has recently experienced a remarkable surge in price, reaching the critical resistance level of $66,500. Currently, it is consolidating its gains and may attempt to rise towards the $67,500 level. So, what are the important levels to watch for the price?
In order for Bitcoin to continue its upward trend, it must surpass the $66,000 level. The price is currently above $65,000 and there is a significant uptrend line at the $65,150 level on the hourly chart of the BTC/USD pair. However, if the price falls below $63,800, it may start a new increase and be supported above the $63,500 level.
Bitcoin recently surpassed the $65,500 resistance and reached a new weekly high of $66,565. In the upcoming period, the first major resistance level for Bitcoin could be $66,000. If the price moves above this level, it could continue to rise and test the next key resistance level at $66,500. Further gains could push Bitcoin towards the $68,000 and $70,000 levels.
On the other hand, if Bitcoin fails to surpass the significant resistance zone of $66,000, it may experience a decline. In this case, the technical indicators and critical support levels become important. Currently, the BTC/USD pair is showing downward momentum on the hourly chart, failing to break above the $66,000 resistance zone. 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 a decline occurs, the first major support level is at $64,200, followed by the main support at $63,800. A break below this level could direct the price towards the $63,150 support zone in the near term.
When looking at the technical indicators, the four-hour MACD is showing a downward trend, indicating a loss of upward momentum. However, the four-hour RSI is above the 50 level, suggesting that buying interest continues.
It is important to note that the information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct their own research.
