Bitcoin Price Rejects Key Resistance, Time For Another Drop In BTC?
May 05 2024 - 11:05PM
NEWSBTC
Bitcoin price started a steady increase above the $62,500
resistance. BTC is again struggling to clear the $64,500 and
$65,000 resistance levels. Bitcoin is showing positive signs and
facing hurdles near $64,500. The price is trading above $62,500 and
the 100 hourly Simple moving average. There is a key bullish trend
line forming with support at $62,800 on the hourly chart of the
BTC/USD pair (data feed from Kraken). The pair could 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 increase. 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 hourly Simple moving average.
However, the bears are again active near the $64,500 and $65,000
resistance levels. A high was formed at $64,646 and the price is
now consolidating gains. It is stable above the 23.6% Fib
retracement level of the upward move from the $56,378 swing low to
the $64,646 high. There is also a key bullish trend line forming
with support at $62,800 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading above $62,500 and the 100 hourly Simple
moving average. Immediate resistance is near the $64,500 level. The
first major resistance could be $65,000. The next key resistance
could be $65,500. Source: BTCUSD on TradingView.com A clear move
above the $65,500 resistance might send the price higher. The next
resistance now sits at $66,800. If there is a clear move above the
$66,800 resistance zone, the price could continue to move up. In
the stated case, the price could rise toward $68,000. Another
Decline In BTC? If Bitcoin fails to rise above the $64,500
resistance zone, it could start another decline. Immediate support
on the downside is near the $62,800 level and the trend line. The
first major support is $61,500. If there is a close below $61,500,
the price could start to drop toward the 61.8% Fib retracement
level of the upward move from the $56,378 swing low to the $64,646
high at $59,500. Any more losses might send the price toward the
$58,000 support zone in the near term. Technical indicators: Hourly
MACD – The MACD is now losing pace in the bullish zone. Hourly RSI
(Relative Strength Index) – The RSI for BTC/USD is now near the 50
level. Major Support Levels – $62,500, followed by $61,500. Major
Resistance Levels – $64,500, $65,000, and $65,500.
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