Bitcoin’s price has been showing signs of recovery as it approaches a potential breakout. Currently trading above the $64,000 resistance zone and the 100 hourly Simple Moving Average, BTC is facing hurdles near the $65,500 and $66,000 levels.
A key contracting triangle is forming with resistance at $65,100 on the hourly chart of the BTC/USD pair. If Bitcoin manages to clear the $65,500 resistance zone, it could initiate a fresh surge. In that case, the price could rise towards $67,500 and potentially reach the next major resistance at $68,500. Further gains might even push Bitcoin towards the $70,000 resistance zone in the near term.
However, if Bitcoin fails to rise above the $65,500 resistance zone, a downside correction may occur. The immediate support on the downside is near the $64,500 level, followed by the major support at $64,000. A close below $64,000 could trigger a drop towards the 50% Fib retracement level at $62,500, and potentially the $61,200 support zone.
As for technical indicators, the hourly MACD is losing pace in the bullish zone, while the RSI for BTC/USD is hovering near the 50 level.
It’s important to note that this information is provided for educational purposes only and does not represent investment advice. Conduct your own research and make investment decisions at your own risk.