Bitcoin Price Faces Challenge at $65K: Can It Break Through?
26 August 2024 - 2:02PM
NEWSBTC
Bitcoin price gained pace and tested the $65,000 resistance. BTC
must clear $65,000 to continue higher in the near term. Bitcoin
started a steady increase above the $63,000 zone. The price is
trading above $63,500 and the 100 hourly Simple moving average.
There is a key bullish trend line forming with support at $63,450
on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might attempt a fresh increase if it clears the $65,000
resistance zone. Bitcoin Price Eyes More Gains Bitcoin price
remained stable above the $60,000 pivot level. BTC formed a base
and started a steady increase above the $62,000 resistance zone.
The price climbed above the $63,200 and $63,500 resistance levels.
Finally, the bears appeared near the $65,000 resistance zone. A
high was formed at $64,950 and the price is now consolidating
gains. There was a minor decline below the $64,500 level. The price
tested the 23.6% Fib retracement level of the upward move from the
$58,572 swing low to the $64,950 high. Bitcoin is now trading above
$63,200 and the 100 hourly Simple moving average. There is also a
key bullish trend line forming with support at $63,450 on the
hourly chart of the BTC/USD pair. On the upside, the price could
face resistance near the $64,500 level. The first key resistance is
near the $65,000 level. A clear move above the $65,000 resistance
might send the price further higher in the coming sessions. The
next key resistance could be $65,500. A close above the $65,500
resistance might spark more upsides. In the stated case, the price
could rise and test the $67,200 resistance. Another Decline In BTC?
If Bitcoin fails to rise above the $65,000 resistance zone, it
could start a downside correction. Immediate support on the
downside is near the $63,800 level. The first major support is
$63,500. The next support is now near the $62,800 zone. Any more
losses might send the price toward the $61,750 support zone or the
50% Fib retracement level of the upward move from the $58,572 swing
low to the $64,950 high 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
above the 50 level. Major Support Levels – $63,800, followed by
$63,500. Major Resistance Levels – $64,500, and $65,000.
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