Bitcoin Price Consolidates Below Hurdles, Can BTC Bounce Back?
April 16 2024 - 10:58PM
NEWSBTC
Bitcoin price is consolidating below the $65,000 resistance zone.
BTC must surpass $65,000 and $67,000 to move into a bullish zone
again. Bitcoin is struggling to gain pace for a move above the
$65,000 resistance zone. The price is trading below $65,000 and the
100 hourly Simple moving average. There was a break above a
connecting bearish trend line with resistance at $63,000 on the
hourly chart of the BTC/USD pair (data feed from Kraken). The pair
could gain bullish momentum if it clears the $67,000 resistance
zone. Bitcoin Price Eyes Upside Break Bitcoin price failed to clear
the $67,000 resistance zone. BTC started another decline and traded
below the $65,000 support zone. It even declined below $62,000
before the bulls emerged. A low was formed near $61,551 and the
price is now attempting a fresh recovery wave. There was a break
above a connecting bearish trend line with resistance at $63,000 on
the hourly chart of the BTC/USD pair. The pair climbed above the
23.6% Fib retracement level of the recent decline from the $66,898
swing high to the $61,551 low. Bitcoin price is trading below
$65,000 and the 100 hourly Simple moving average. Immediate
resistance is near the $64,250 level. It is close to the 50% Fib
retracement level of the recent decline from the $66,898 swing high
to the $61,551 low. The first major resistance could be $64,850.
The next resistance now sits at $65,000. If there is a clear move
above the $65,000 resistance zone, the price could continue to move
up. In the stated case, the price could rise toward $66,500.
Source: BTCUSD on TradingView.com The next major resistance is near
the $67,200 zone. Any more gains might send Bitcoin toward the
$70,000 resistance zone in the near term. Another Decline In BTC?
If Bitcoin fails to rise above the $65,000 resistance zone, it
could start another decline. Immediate support on the downside is
near the $62,800 level. The first major support is $62,000. If
there is a close below $62,000, the price could start to drop
toward the $61,500 level. Any more losses might send the price
toward the $60,500 support zone in the near term. Technical
indicators: Hourly MACD – The MACD is now losing pace in the
bullish zone. Hourly RSI (Relative Strength Index) – The RSI for
BTC/USD is now above the 50 level. Major Support Levels – $63,000,
followed by $62,000. Major Resistance Levels – $64,850, $65,000,
and $67,000.
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