Bitcoin has recently experienced a notable surge, breaking through the $64,500 resistance level and climbing more than 5% in value. Currently, the cryptocurrency is facing resistance around the $66,400 level, where it appears to be consolidating its gains. Prices are trading comfortably above $64,500 and the 100-hour Simple Moving Average, which indicates short-term bullish momentum.
The recent upward trend for Bitcoin began as it formed a solid foundation above the $62,500 level, clearing significant resistance points at $63,500 and moving onward. Although it successfully surpassed $65,000 and $65,500, the ascent faced a hurdle near $66,400, where the price peaked at approximately $66,398. Bitcoin has since seen a minor pullback below $66,000 and is now nearing the 23.6% Fibonacci retracement level from its recent increase.
In terms of technical analysis, the current trading landscape for Bitcoin features a short-term bullish trend line that provides support around the $65,400 level. For a more vigorous rally, the price must overcome the immediate resistance at $66,400. Should it achieve a clear breakout here, it could aim for the next resistance level at $66,850. A successful close above $66,850 could set the stage for a potential move towards $67,500 and even up to $68,000.
Conversely, if Bitcoin cannot breach the $66,400 level, a downward trend may be on the horizon. Immediate support is positioned at approximately $65,400, with critical support levels trailing at $64,250, corresponding to the 50% Fibonacci retracement level, and $63,500. A further decline could put the $62,500 support level at risk in the near term.
