Bitcoin price has recently tested the $65,000 support zone. The cryptocurrency BTC is currently on the rise. It looks like it will try a new increase above the $70,000 resistance area in the near term. Let’s take a look at BTC‘s current situation and price movements.
Bitcoin Price Shows Signs of Rising
After the recent drop, the Bitcoin price is showing some positive signs from the $65,000 region. However, the price is still trading below $70,000 and the 100-hour Simple Moving Average.
BTC/USD pair’s hourly chart experienced a breakout above a major declining trend line with resistance at $67,100. This indicates that the pair could gain upward momentum if it surpasses the $70,000 resistance area in the near term.
The Bitcoin price tested the $65,000 support zone during the last decline wave. The price holding at this level indicates the bulls’ return to the market. However, the price is still trading below $70,000 and needs to close above this level.
Resistance and Support Levels for BTC
The breakout above the $67,100 resistance level on the BTC/USD pair’s hourly chart suggests that the price could make an upward move in the near term. However, the price still needs to surpass the $70,000 resistance area, which could be challenging.
Immediate resistance levels are set at $69,200 and $70,000. If the price exceeds these levels, a rise towards the $71,200 resistance area could be possible. However, a close below the $70,000 resistance area could expose the price to further decline potential.
Critical support levels for Bitcoin are identified as $66,500 and $65,000. If the price falls below these levels, further losses could occur, and the price could retreat to levels as low as $64,500 or even $63,500.
What Do Technical Indicators Suggest?
Technical indicators show that the hourly MACD is losing momentum in the bearish zone. However, the hourly RSI is still above the 50 level, which indicates that a recovery in price could occur.
At this stage, the Bitcoin price is trying a new increase above the $70,000 resistance area in the near term. However, more strong buying may be needed for the price to surpass this level.
