Bitcoin Faces Crucial Resistance at $65K: Will It Breakout to $71.5K?
- Bitcoin faces critical resistance at $65,000, pivotal for potential rallies towards $71,500.
- Key support levels at $60,656 and $54,000 are crucial for sustaining bullish momentum.
- Mixed signals from RSI and MACD indicate uncertain short-term price direction for Bitcoin.
Bitcoin (BTC) is currently navigating key support and resistance levels, offering traders and investors a clear picture of its near-term price action. Technical analysis of Bitcoin’s current trend reveals a delicate balance.
According to analyst Rekt Capital, with the price hovering near the $65,000 resistance level, a decisive breakout could pave the way for a potential rally towards $71,500.
As of press time, Bitcoin is trading at $65,226.79 , marking a 2.90% increase over the past 24 hours. This movement comes amidst a backdrop of technical indicators that offer mixed signals for the cryptocurrency.
The daily price chart for Bitcoin highlights several crucial support and resistance zones. Notably, the primary support level lies around $60,656, a historically robust barrier that has repeatedly supported the price during downturns. Below this, a secondary support zone near $54,000 has also proven pivotal in sustaining bullish momentum.
Source: X
Conversely, Bitcoin faces immediate resistance at $65,000, a level currently being tested following a recent bounce from the $60,656 support. This zone has historically acted as both a barrier and a launching pad for price movements, highlighting its significance in current market dynamics.
Further up, a secondary resistance at approximately $71,346 presents a formidable obstacle derived from previous market highs. A successful breakout above this level, accompanied by robust trading volume, would signal strong buying interest and bolster the bullish case for Bitcoin in the short term.
Bitcoin/USD 1-Week price chart, Source: Trading view
However, the 1-week Relative Strength Index (RSI) reading of 57.92 suggests Bitcoin is neither overbought nor oversold at present. Meanwhile, the 1-week Moving Average Convergence Divergence (MACD) trading below the signal line suggests a potential bearish trend in the near future.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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