The current landscape of the cryptocurrency market has Bitcoin, the most popular digital currency, engaged in a tight struggle under the looming shadow of a significant $65,000 resistance zone. For the fervent believers in Bitcoin to rejoice once again in its bullish glory, the digital coin must breach this imposing barrier and further forge ahead past the $67,000 resistance point.
Lately, Bitcoin has battled hard to find the momentum required for a leap above the $65,000 remonstration zone. Now, it is hovering below this significant value mark as well as the 100 hourly Simple Moving Average. Despite this, it managed a small victory, breaking above a connecting bearish trend line with resistance at $63,000 on the hourly chart of the BTC/USD pair, offering a glimmer of hope for those keeping a keen eye on Bitcoin’s progress. If Bitcoin can clear the mighty $67,000 resistance zone, it might gain the foothold it desperately needs to surge bullishly.
Recently, Bitcoin has been disheartened in its attempt to overcome the $67,000 resistance zone. Starting another sluggish decline, the digital gold fell under the $65,000 support region. The tumble did not stop there and witnessed a further decline below $62,000 before Bitcoin bulls intervened.
The price took a low dive, touching around $61,551 before it began to rally for recovery again. Seizing a small break above the connecting bearish trend line with resistance at $63,000 on the BTC/USD pair’s hourly chart, Bitcoin climbed above the 23.6% Fib retracement level, showing signs of resilience. The said level was from its recent decline, which stretched from the $66,898 highs to the aching low of $61,551.
At present, Bitcoin is traded under the significant mark of $65,000 and the 100 hourly Simple Moving Average. The imminent resistance lies near the $64,250 level. It is precariously close to the 50% Fib retracement level of its most recent fall from the $66,898 highs to the $61,551 lows.
The first major barrier could be set at $64,850. Following this, the very next resistance now stands at the commanding cliff of $65,000. If Bitcoin manages to make a clear breakthrough above this $65,000 resistance region, its price is expected to continue on an upward trajectory. In that scenario, the Bitcoin could vault towards $66,500.
On the contrary, failure in the rise above the $65,000 resistance zone could ring the alarm bells for another Bitcoin decline. Immediate support in this downward case can be expected near the $62,800 mark. The first major support is at a crucial $62,000 line, and failure to hold this line might tease the Bitcoin price to slip towards the $61,500 point. An even more significant drop would contend for a fall towards the $60,500 support zone in the near term.
In terms of technical indicators, the Hourly MACD shows that Bitcoin is now gradually losing pace inside the bullish zone. The Hourly RSI (Relative Strength Index) for BTC/USD has somehow managed to edge just above the 50 level. As it now stands, major support levels are seen at $63,000 and $62,000, while the significant resistance levels are stationed at $64,850, $65,000, and $67,000.