Recently, Bitcoin has shown that it can overcome the $64,500 resistance level and recover to the $64,000 support level. But the $65,500 resistance level presents a challenge for the Bitcoin, which rises to $65,300 before plunging once more. As a result of the contraction, Bitcoin fell below the $64,500 consolidation and retested the 50% Fibonacci retracement barrier from its high of $65,300 to its latest swing low of $62,743.
Bitcoin was trading below $64,500 at the moment according to the 100-hourly basic moving average. In addition, a trend line with resistance at $64,500 on the hourly chart is clearly evident and points lower. This suggests that there might be challenges both at this and significantly higher ($65,350 and $65,500) levels.
A $66,200 breakthrough might lead to more positive activity and push Bitcoin over $67,000. After that, prices are predicted to move in the neighborhood of $67,400, with $68,800 serving as the next major barrier at the other end of the trend.
The BTC price prediction states that Bitcoin’s value could drop if it doesn’t rise beyond $64,500. The lowest amount of assistance is roughly $64,000. If this level is broken, nevertheless, there will be more support at $63,750, which corresponds to the 61.8% Fibonacci retracement of the previous upswing. A break below this level may initiate a decline below $62,750 and possibly lower to the $61,200 support area if the current trend persists.
Technical indicators are a group of metrics that are utilized to ascertain the market’s overall attitude. Currently, these trend changes are denoted by the hourly MACD, which is the result of subtracting one moving average from another. This signals a rise in negative sentiment. In addition, the BTC/USD RSI is presently below the 50 level, indicating a greater degree of bearish than bullish demand in the market.
In order to predict the next big move in Bitcoin, traders will probably be monitoring the important support and resistance levels if the market hits these important levels. For Bitcoin, the short-term movement will depend on whether the price breaks through the significant resistance or reaches the critical support levels.
