Bitcoin has experienced a recent price recovery, sparking hope among investors that the bull run may be back. The cryptocurrency found strong support near the $63,500 zone and has since been on the rise, showing positive signs above the $65,500 resistance level.
After forming a base, Bitcoin began a fresh increase, surpassing the $65,000 resistance zone. Currently, the price is trading above $65,500 and the 100 hourly Simple Moving Average. There was a significant break above a key bearish trend line with resistance at $66,000 on the hourly chart of the BTC/USD pair, as per data feed from Kraken.
As the price continues to climb, it could potentially reach the $67,500 and $68,000 levels in the short term. The next major resistance levels to watch for are $67,500, $68,000, and $68,500. A close above $68,500 could signify further bullish momentum, potentially testing the $70,000 resistance level.
However, if Bitcoin fails to break above the $67,000 resistance zone, another decline may be on the horizon. Immediate support is seen near $66,400 and the 100 hourly Simple Moving Average. The first major support levels are at $65,500 and $65,000, with a potential drop towards the $63,500 support zone in the near term if losses continue.
Technical indicators like the MACD and RSI suggest a bullish outlook for Bitcoin, with the RSI for BTC/USD currently above the 50 level. It’s essential for investors to monitor these key support and resistance levels to make informed trading decisions.
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