Bitcoin Price Tightens Range Near Highs Ahead Of Potential Surge
Analysis
Price Impact
MedBitcoin is at a critical juncture, consolidating losses near key resistance at $68,000. a breakout above this level could lead to a significant surge, while failure could trigger further declines towards $64,500-$63,800.
Trustworthiness
HighThe source claims a strict editorial policy, expert review, and high standards in reporting, emphasizing accuracy, relevance, and impartiality.
Price Direction
NeutralThe price is currently consolidating in a tight range, struggling below $67,500 and the 100-hourly sma. it faces a tough challenge at $68,000. depending on whether it breaks this resistance or fails to hold support at $66,000 / $65,650, the direction could be bullish or bearish.
Time Effect
ShortThe analysis focuses on hourly charts, immediate support/resistance levels, and 'near term' movements, indicating a short-term outlook.
Original Article:
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Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Bitcoin price corrected gains and tested the $65,650 zone. BTC is now consolidating losses and might start a decent increase if it settles above $68,000. Bitcoin is struggling to recover losses and moving lower below $67,500. The price is trading below $67,500 and the 100 hourly simple moving average. There is a declining channel forming with resistance at $67,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might dip again if it trades below the $66,500 and $66,000 levels. Bitcoin Price Faces Tough Challenge Bitcoin price failed to remain stable above the $67,500 zone. BTC started a fresh decline and traded below the $67,200 support zone. There was a push below $67,000. The price even spiked below $66,800. A low was formed at $65,650, and the price is now correcting some losses. There was a move above the 50% Fib retracement level of the recent decline from the $68,418 swing high to the $65,650 low. Bitcoin is now trading below $67,500 and the 100 hourly simple moving average. If the price remains stable above $66,000, it could attempt a fresh increase. Immediate resistance is near the $67,400 level. There is also a declining channel forming with resistance at $67,400 on the hourly chart of the BTC/USD pair. It is close to the 61.8% Fib retracement level of the recent decline from the $68,418 swing high to the $65,650 low. Source: BTCUSD on TradingView.com The first key resistance is near the $68,000 level. A close above the $68,000 resistance might send the price further higher. In the stated case, the price could rise and test the $68,800 resistance. Any more gains might send the price toward the $69,500 level. The next barrier for the bulls could be $70,000 and $70,500. Another Decline In BTC? If Bitcoin fails to rise above the $68,000 resistance zone, it could start another decline. Immediate support is near the $66,000 level. The first major support is near the $65,650 level. The next support is now near the $65,050 zone. Any more losses might send the price toward the $64,500 support in the near term. The main support now sits at $63,800, below which BTC might struggle to recover in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $66,000, followed by $65,650. Major Resistance Levels – $67,400 and $68,000.