Bitcoin price started a steady rise above the USD 62,500 resistance. BTC is once again struggling to break the USD 64,500 and USD 65,000 resistance levels.
- Bitcoin is showing positive signs and facing obstacles around $64,500.
- The price is trading above USD 62,500 and the 100 hourly Simple Moving Average.
- A major bullish trendline is forming with support at $62,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could struggle to break the $64,500 and $65,000 resistance levels.
Bitcoin price faces resistance
Bitcoin price found support near the $56,500 zone and started a significant increase. There was a clear move above the USD 60,000 and USD 61,200 resistance levels.
The bulls pushed the price above the USD 63,500 level and the 100 hourly Simple Moving Average. However, the bears are active again around the USD 64,500 and USD 65,000 resistance levels. It reached a high at $64,646 and the price is now consolidating gains.
It is steady above the 23.6% Fib retracement level of the upward move from the $56,378 swing low to the $64,646 high. A major bullish trendline is also 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. The immediate resistance is near the $64,500 level. The first major resistance could be at $65,000. The next major resistance could be at USD 65,500.
Source: BTCUSD on TradingView.com
A clear move above the USD 65,500 resistance could push the price higher. The next resistance is now at $66,800. If there is a clear move above the USD 66,800 resistance zone, the price could continue to rise. In the mentioned case, the price could increase to $68,000.
Another drop in BTC?
If Bitcoin fails to rise above the USD 64,500 resistance zone, it could trigger another decline. The immediate downside support is near the $62,800 level and the trendline.
The first major support is at $61,500. If there is a close below $61,500, the price could start falling towards 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 further losses could send the price towards 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 approaching the 50 level.
Major support levels – USD 62,500, followed by USD 61,500.
Major resistance levels – $64,500, $65,000 and $65,500.
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