Bitcoin has recently shown bullish momentum, reaching and testing the crucial $65,000 resistance level. For the digital currency to maintain its upward trajectory in the near term, it must successfully break through this resistance.
The cryptocurrency commenced a steady ascent after surpassing the $63,000 zone, demonstrating robust performance by trading above $63,500 and maintaining its position above the 100-hourly Simple Moving Average. Notably, a significant bullish trend line has developed, providing support at $63,450 on the hourly chart of the BTC/USD pair.
Currently, Bitcoin is trading solidly above $63,200, showing resilience above the 100-hourly Simple Moving Average. However, it faces immediate resistance at the $64,500 level, and the primary major resistance is centered around $65,000. A decisive break above this level could potentially propel the price even higher. Should BTC clear the $65,000 resistance, it would likely target reaching $65,500 and possibly $67,200 as the next critical resistance level.
The price initiated a stable increase following a consolidation phase above the $60,000 pivot mark. Establishing a robust base, Bitcoin climbed past the $62,000 resistance zone, overcoming the $63,200 and $63,500 thresholds. Yet, the bullish momentum confronted a hurdle as bears emerged near the $65,000 zone, capping the price climb at $64,950 and initiating a minor pullback below $64,500. This retracement found support around the 23.6% Fibonacci retracement level, calculated from the upward movement between the $58,572 low to the $64,950 peak.
In the optimistic scenario where Bitcoin successfully closes above $65,500, the momentum could further accelerate, positioning the digital currency towards the $67,200 target, continuing its bullish trend.
Conversely, failure to overcome the $65,000 resistance could trigger a downward correction. Immediate support is eyed close to $63,800, with subsequent support indicated at $63,500 and further down near the $62,800 mark. Should this level be breached, Bitcoin might experience additional declines towards the $61,750 support zone, aligning with the 50% Fibonacci retracement level from the previous rise.
Technical indicators reveal a mixed sentiment. The hourly MACD shows waning bullish momentum, while the hourly RSI suggests sustained strength as it holds above the 50 mark. Key support levels to monitor include $63,800 and $63,500, with resistance levels at $64,500 and the crucial $65,000 mark.
