Bitcoin, the flagship of cryptocurrencies, has recently gained attention with its rapid rise. According to recent data, Bitcoin’s price increased by approximately 8%, overcoming many obstacles and consolidating its gains. A correction towards the critical level of $65,000 is expected.
Bitcoin at a Critical Level
Bitcoin’s strong rise began by clearing the $63,500 resistance zone and is currently trading above $65,000. Notably, there was a break above a significant downtrend line set by the $61,500 resistance on the hourly chart of the BTC/USD pair. This break indicates a strengthening bullish trend and suggests the pair may maintain its upward trend in the short term.
Bitcoin price formed a strong base above the $60,000 support zone and started a new increase above the $62,000 level. However, it is essential to note the significant resistance levels at $66,850 and $67,200. A clear move above the $67,200 level could push the price higher and increase the likelihood of testing the $68,000 resistance.
BTC Failed to Break Above $66,400
Bitcoin price recently failed to break above the $66,400 resistance zone, which could trigger a downward correction. Market participants believe that a close below critical support levels indicates that Bitcoin may experience further declines. Currently, an immediate support is near the $65,150 level.
The first major support level Bitcoin faces is $64,500. If a close occurs below this level, the price is expected to drop towards $63,500 or $61,073. In this case, Bitcoin is likely to head towards the $63,000 support zone in the near term.
What Do Technical Indicators Say in the Short Term?
When examining technical indicators, the four-hour MACD is currently gaining momentum in the bullish zone. Similarly, the four-hour RSI (Relative Strength Index) is above the 50 level for BTC/USD. These indicators suggest that the price may face some resistance in the short term, but declines could be limited.
The primary support levels are set at $65,150 and then $64,500. Below these levels, Bitcoin is thought to have further downside potential. On the other hand, in a potential bullish scenario, resistance levels above $66,400 are set at $66,800 and $67,200.
