Bitcoin Price At Critical Junction, Key Levels To Monitor
Bitcoin’s price is currently caught in a crucial battle near the $65,000 resistance area. To prevent a significant decline, BTC must maintain its position above the $60,000 support level.
At present, Bitcoin is struggling to find momentum to surpass the $65,000 resistance. The price is currently trading below $63,000 and the 100 hourly Simple Moving Average. Moreover, on the hourly chart of the BTC/USD pair sourced from Kraken, a bearish trend line is forming with resistance at $62,650.
A potential breakthrough above the $63,000 resistance zone could ignite bullish momentum for Bitcoin. In this scenario, the price may ascend towards the $64,500 mark, followed by the next major resistance near the $65,000 zone. If the upward trend continues, BTC might even test the $66,500 resistance level in the near future.
However, if Bitcoin fails to surpass the $63,000 resistance, it could experience another decline. Immediate support lies near the $60,800 level, followed by the critical $60,000 support. A close below this level could trigger a downward move towards the $59,200 level, with further losses potentially pushing the price towards the $58,500 support zone.
Looking at the technical indicators, the MACD is currently displaying a bearish trend, while the hourly RSI for BTC/USD is below the 50 level, suggesting a potential shift in favor of sellers.
Please note that this article serves solely for educational purposes and does not reflect the opinions of NewsBTC regarding investment decisions. It is advisable to conduct thorough research and assess the risks before making any investment choices.