Bitcoin Price
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Bitcoin Price Rejects Key Resistance, Time For Another Drop In BTC?

Bitcoin worth began a gradual improve above the $62,500 resistance. BTC is once more struggling to clear the $64,500 and $65,000 resistance ranges.

  • Bitcoin is displaying optimistic indicators and dealing with hurdles close to $64,500.
  • The worth is buying and selling above $62,500 and the 100 hourly Easy shifting common.
  • There’s a key bullish development line forming with assist at $62,800 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair may wrestle to clear the $64,500 and $65,000 resistance ranges.

Bitcoin Worth Faces Resistance

Bitcoin worth discovered assist close to the $56,500 zone and began an honest improve. There was a transparent transfer above the $60,000 and $61,200 resistance ranges.

The bulls pushed the worth above the $63,500 stage and the 100 hourly Easy shifting common. Nonetheless, the bears are once more lively close to the $64,500 and $65,000 resistance ranges. A excessive was shaped at $64,646 and the worth is now consolidating positive aspects.

It’s steady above the 23.6% Fib retracement stage of the upward transfer from the $56,378 swing low to the $64,646 excessive. There’s additionally a key bullish development line forming with assist at $62,800 on the hourly chart of the BTC/USD pair.

Bitcoin is now buying and selling above $62,500 and the 100 hourly Easy shifting common. Instant resistance is close to the $64,500 stage. The primary main resistance could possibly be $65,000. The subsequent key resistance could possibly be $65,500.

Supply: BTCUSD on TradingView.com

A transparent transfer above the $65,500 resistance may ship the worth increased. The subsequent resistance now sits at $66,800. If there’s a clear transfer above the $66,800 resistance zone, the worth may proceed to maneuver up. Within the acknowledged case, the worth may rise towards $68,000.

One other Decline In BTC?

If Bitcoin fails to rise above the $64,500 resistance zone, it may begin one other decline. Instant assist on the draw back is close to the $62,800 stage and the development line.

The primary main assist is $61,500. If there’s a shut beneath $61,500, the worth may begin to drop towards the 61.8% Fib retracement stage of the upward transfer from the $56,378 swing low to the $64,646 excessive at $59,500. Any extra losses may ship the worth towards the $58,000 assist zone within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now dropping tempo within the bullish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now close to the 50 stage.

Main Help Ranges – $62,500, adopted by $61,500.

Main Resistance Ranges – $64,500, $65,000, and $65,500.

Disclaimer: The article is supplied for academic functions solely. It doesn’t signify the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You’re suggested to conduct your personal analysis earlier than making any funding choices. Use data supplied on this web site totally at your personal danger.