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Bitcoin price has entered a steady rise above the $62,500 resistance level. This recent uptrend continues to excite investors. However, the resistance levels at $64,500 and $65,000 indicate that the road ahead is not yet smooth.
Bitcoin Price Faces Critical Resistance
Looking closely at Bitcoin’s price chart, we see it trading above the $62,500 level. Additionally, the 100-hour Simple Moving Average also supports this uptrend. However, the biggest obstacle for the bulls is becoming apparent around $64,500. The challenges at these levels are attracting investor attention and creating uncertainty about the direction of the price.
On the other hand, the hourly chart of the BTC/USD pair shows a significant upward trend line at the $62,800 level. This indicates strong support for the upward movement. However, the importance of clear steps above these support levels is significant. Especially overcoming the $65,000 resistance level could create an environment for further price increases.
Uptrend Clearly Evident
Based on past data, the uptrend following the support level around $56,500 is quite evident. However, bears are still active near the $64,500 and $65,000 resistance levels, indicating a tough battle ahead for the bulls. It would not be wrong to say that the price is currently in a consolidation phase.
Investors should continue to closely monitor the volatility in Bitcoin’s price. Overcoming the $65,500 resistance level could indicate further upward momentum. However, a clear move above the $66,800 level could lead to a rise up to $68,000.
Failure to Overcome Key Resistances Could Mean a New Decline for BTC
If Bitcoin cannot rise above the $64,500 resistance area, it is being discussed that BTC could experience another decline. Currently, the immediate support is at the $62,800 level, close to the trend line. This shows that the market is at a sensitive point and the movements in the coming days could be decisive.
A particularly notable point is that the first major support level is at $61,500. If a close below this level occurs, it is likely that the price will head towards the $58,000 support area in the near term. Looking at the technical indicators, the hourly MACD is currently losing momentum in the rise zone. Similarly, the hourly RSI (Relative Strength Index) for BTC/USD is also hovering near the 50 level. This reflects the market’s uncertainty and imbalance.
The main support levels are at $62,500 and then $61,500. However, resistance levels should not be ignored. Points like $64,500, $65,000, and $65,500 resistance are important indicators of the price direction.
