Home CryptocurrencyAnalysis Bitcoin price recovers to $64,500, but is it enough to avoid the fall?

Bitcoin price recovers to $64,500, but is it enough to avoid the fall?

by SuperiorInvest

Bitcoin price found support at $61,800 and recovered further. BTC jumped to $64,500 and is currently consolidating gains above $63,500.

  • Bitcoin started another rise after finding support near the $61,800 area.
  • The price is trading above $63,500 and the 100 hourly simple moving average.
  • There was a break above a key bearish trend line with resistance at $63,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must stay above the $63,200 support zone to continue rising in the near term.

Bitcoin price remains firm

Bitcoin price started another decline below the $63,500 pivot level. BTC fell below the $62,000 level before the bulls emerged. A low was formed at $61,774 and the price began a recovery wave.

There was a move above the $62,500 and $63,500 resistance levels. Additionally, there was a break above a key downtrend line with resistance at $63,250 on the hourly chart of the BTC/USD pair. The pair even surpassed $64,500 and tested $64,750.

A high was formed at $64,738 and the price began a downward correction. There was a move below the $64,000 level. The price tested the 50% Fibonacci retracement level of the upward move from the low of $61,774 to the high of $64,738.

Bitcoin is now trading above $63,500 and the 100 hourly simple moving average. The immediate resistance is near the $64,000 level. The first major resistance could be $64,500 or $64,750. A clear move above the $64,750 resistance could push the price higher. The next resistance is now at $65,500.

Source: BTCUSD on TradingView.com

If there is a clear move above the $65,500 resistance zone, the price could continue to rise. In the above case, the price could rise towards $66,200. The next major resistance is near the $68,000 area. Any further gains could send Bitcoin towards the $70,000 resistance zone in the near term.

Another drop in BTC?

If Bitcoin fails to break above the $64,750 resistance zone, it could continue to decline. Immediate downside support is near the $63,500 level.

The first major support is $63,000. If there is a close below $63,000, the price could start falling towards $61,750. Any further losses could send the price towards the $61,200 support zone in the near term.

Technical indicators:

MACD Hourly: 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.

Main support levels: $63,500, followed by $63,000.

Main resistance levels: $64,000, $64,500 and $65,500.

Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC's views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.

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