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The cryptocurrency market is closely following the recent volatility in Bitcoin’s price. Bitcoin has initiated a significant recovery wave with strong momentum from the support level around $64,500. However, the strength and sustainability of this recovery appear to be dependent on the upcoming resistance levels.
Levels to Monitor in Bitcoin’s Price
BTC/USD pair has recently managed to enter a short-term positive zone by breaking above the resistance levels of $66,500 and $67,000. This could be considered a positive sign for many investors. However, significant hurdles still lie ahead.
In particular, we must consider that Bitcoin has several resistances near the $69,500 and $70,000 levels. These are established as significant resistance points. On the hourly chart of the BTC/USD pair, there was a breakout above a key bearish trend line with resistance near $66,350. Yet, the real test seems to be at the $70,000 level.
BTC Trading Above $67,000
In short-term analyses, one important aspect to consider is the Fibonacci retracement levels. The fact that Bitcoin is trading below the 23.6% Fib retracement level from its recent rise starting around $64,500 could be a concern for some analysts.
However, BTC is currently trading above $67,000 and the 100-hour Simple Moving Average, which could provide some support for the short-term outlook. In the upcoming period, if Bitcoin surpasses the $70,000 resistance, a new rally could begin. In this case, the price is predicted to rise up to $71,200.
On the other hand, another important resistance level to watch is near the $72,000 area. If Bitcoin overcomes these levels, it could unlock more upside potential and possibly trigger a journey towards the $73,500 resistance zone in the near term.
Bitcoin Faces Downtrend Risk If It Fails to Break Resistance Zone
If Bitcoin fails to break above the resistance zone around $69,350, it could signal the start of a new downtrend. Currently, the immediate downside support appears to be near the $67,200 level.
The fluctuations of the past few days once again demonstrate the high volatility of the cryptocurrency market. If Bitcoin cannot surpass the previous resistance zone, further declines could occur.
Looking at the technical analysis, the first major support starts at the $67,000 or $64,572 levels, extending up to the 50% Fib retracement level of the upward move at $69,352. The next support is around the $66,400 level.
If there is a close below $66,400, the price could start declining towards the $65,500 level. Further losses could potentially lead the price towards the $64,500 support zone in the near term.
