Bitcoin’s price has seen a resurgence, breaking above the $64,750 resistance level and consolidating near $65,000. The cryptocurrency is currently trading above $64,200 and the 100 hourly Simple Moving Average, indicating strong support. On the hourly chart, a short-term contracting triangle is forming with resistance at $65,250.
If Bitcoin manages to surpass the $65,250 resistance, it could initiate another upward movement. The next key resistance levels to watch out for are $65,500 and $66,200. A breakthrough past the $66,200 level could result in further gains, potentially testing the $67,500 resistance level.
However, if Bitcoin fails to rise above the $65,250 zone, it may face a decline. Immediate support lies at around $64,850, followed by the $63,850 level. Further losses could bring the price towards the $63,500 zone, with the $62,650 level serving as the near-term support.
Technical indicators suggest a slightly bearish outlook, with the hourly MACD losing momentum in the bullish zone. However, the hourly RSI for BTC/USD remains above the 50 level, indicating some bullish strength.
Overall, Bitcoin’s price seems to be back on track and maintaining traction. Traders and investors will closely monitor its ability to break and sustain above the $65,250 resistance in the coming sessions.