Bitcoin has recently demonstrated an ability to bounce off the dip to the $64,000 support level, breaking the $64,500 resistance level. Nevertheless, the cryptocurrency encounters an obstacle at the $65,500 resistance level, reaching $65,300 and then falling again. The shrinkage caused Bitcoin to drop below the $64,500 consolidation, retesting the 50% Fibonacci retracement level from its recent swing low of $62,743 to a high of $65,300.
At the time, Bitcoin traded below $64,500 in the 100-hourly basic moving average. Besides, there is a visible hourly chart trend line with resistance around $64,500, pointing downward. This indicates that there may be obstacles at this level and much higher, at $65,350 and $65,500. If Bitcoin manages to overcome the resistance of $65,500, it may find the next hurdle at $66,200.
A breakthrough of $66,200 could spark additional bullish activity and propel Bitcoin past $67,000. Following this, prices are expected to fluctuate around $67,400, with $68,800 constituting the subsequent significant barrier at the opposite end of the trend.
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According to the BTC price forecast, if Bitcoin fails to break above $64,500, it might decrease in value. The lowest level of support is approximately $64,000. However, a breach of this level will lead to greater support at $63,750, aligning with the 61.8% Fibonacci retracement of the recent upward movement. If the downward movement continues, a breakout below this level could trigger a slide towards the $62,750 mark and even pull the price down to the $61,200 support region.
Technical indicators are a set of parameters used to determine the prevailing sentiment of the market. At the moment, the hourly MACD represents the subtraction of one moving average from another to outline these trend changes, which indicates an increase in negative sentiment. Furthermore, the RSI of BTC/USD currently resides under the 50 level, which suggests that there is more bearish than bullish demand in the market.
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If the market reaches these significant levels, traders will likely be tracking the key support and resistance points to figure out the next significant move in Bitcoin. Whether the price hits the vital support levels or breaks through the important resistance will determine Bitcoin’s movement in the short term.
