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

Aayush Jindal

1 year ago

2 mins read

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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.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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