Bitcoin price has started to rise steadily above the $62,500 resistance level. BTC is once again struggling to clear the $64,500 and $65,000 resistance levels.
- Bitcoin is showing positive signs as it faces a hurdle near $64,500.
- The price is trading above $62,500 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD pair, a major bullish trend line is forming with support at $62,800 (data feed from Kraken).
- The pair may struggle to clear the $64,500 and $65,000 resistance levels.
Bitcoin price faces resistance
Bitcoin price found support near the $56,500 zone and started a decent uptrend. There was a clear move above the $60,000 and $61,200 resistance levels.
The bulls pushed the price above the $63,500 level and the 100-hour simple moving average. However, the bears have become active again around the $64,500 and $65,000 resistance levels. A high was formed at $64,646 and the price is currently consolidating its upside.
It has stabilized above the bull market's 23.6% Fib retracement level from the swing low of $56,378 to the high of $64,646. There is also a significant bullish trend line forming with support at $62,800 on the hourly chart of the BTC/USD pair.
Bitcoin is currently trading above $62,500 and its 100-hour simple moving average. Immediate resistance is near the $64,500 level. The first major resistance level could be at $65,000. The next major resistance level could be at $65,500.
Source: BTCUSD on TradingView.com
A clear break above the $65,500 resistance could push the price higher. The next resistance level is currently located at $66,800. If there is a clear move above the $66,800 resistance zone, the price could continue higher. In the case above, the price could rise towards his $68,000.
Will BTC fall again?
If Bitcoin fails to rise above the $64,500 resistance zone, further decline could begin. Immediate support on the downside is near the $62,800 level and trendline.
The first major support is at $61,500. If there is a close below $61,500, the price could begin to fall toward the 61.8% Fib retracement level of the bull market from the $56,378 swing low to $64,646 high at $59,500. Any further losses could send the price towards the $58,000 support zone in the short term.
Technical indicators:
Hourly MACD – The MACD is currently losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently near the 50 level.
Major support level – $62,500, then $61,500.
Key resistance levels – $64,500, $65,000, and $65,500.
