Key Takeaways:
– Bitcoin price dips to $65,200 support zone before rebounding.
– Facing resistance at $67,500 with potential for further rise.
– Breaking above $68,000 could spark new highs near $70,000.
– Possible decline on cards if Bitcoin fails to break $67,500 resistance, with critical supports lying at $66,500 and $66,200.
Bitcoin’s Brush With $65,200
Bitcoin, the world’s leading digital currency, briefly touched the $65,200 zone as part of an ongoing correction from highs around $66,500. Despite this downturn, the cryptocurrency is now on an upward trajectory. Testing support at $65,200, a low was noted at $65,199 before reversing the downward trend. The price surged past the $66,500 mark, suggesting a potential price increase on the horizon.
Breaking Bearish Patterns, Aiming for Higher Grounds
A significant bearish pattern was broken as the price moved past resistance positioned at $66,800. This could set the stage for further bullish momentum. Currently, the virtual currency’s price is oscillating below the $67,500 mark and the 100 hourly Simple moving average. Bitcoin appears to face resistance near $67,300, making the $67,500 level a critical benchmark.
If the popular cryptocurrency can successfully breach the $67,500 barrier, we might see a further surge in price. The subsequent resistance is earmarked at $68,000. An upward swing that breaks this resistance will set the stage for considerably more growth. In this scenario, the cryptocurrency is likely to witness resistance at $69,200. A push beyond this level might set Bitcoin on track to cross the significant $70,000 threshold.
Downward Risks Remain Amid Bullish Surge
While Bitcoin shows bullish signs, it is important to note the potential for a downward correction. If the cryptocurrency fails to break the $67,500 resistance, it could undergo a downturn. The immediate support in a declining scenario lies near the $66,500 zone.
Further substantial support is close to the $66,200 mark, with additional reinforcement waiting at the $66,000 level. Any larger losses might push the Bitcoin price back to the $65,200 region in the near short term.
Technical Analysis: Leaning Towards Bullish Zone
The technical assessment for Bitcoin currently appears marginally bullish. The Moving Average Convergence Divergence (MACD), a trend-following momentum indicator, is beginning to lose some strength in the bullish zone. Meanwhile, the Relative Strength Index (RSI) – a prominent tool used to identify overbought or oversold conditions – now positions Bitcoin above the level of 50.
Major support levels for Bitcoin lie at $66,500, with subsequent support at $66,200. Conversely, resistance levels are near $67,500, and further at $68,000. As Bitcoin’s price continues to fluctuate, investors and traders are keenly watching these pivotal levels. Whether Bitcoin can reignite its uptrend will largely depend on breaking the $67,500 resistance, and it remains to be seen whether a new surge is indeed on the way.