Bitcoin has initiated a new ascent, breaking through the $64,750 resistance level, and is now showing signs of consolidation around the $65,000 level. The recent price activity indicates that Bitcoin is maintaining a supportive stance above $64,200 and is comfortably situated above the 100 hourly simple moving average.
Currently, there is a short-term contracting triangle taking shape, with a recognized resistance point at $65,250 on the hourly BTC/USD chart. Should Bitcoin surge past this level, it may signify the potential for an additional upward movement. The cryptocurrency has established a solid foundation around the $62,650 level, gaining momentum as it surpassed the $63,500 resistance. The price eventually climbed above $64,200, reaching a peak of $65,764 before entering a consolidation phase.
Despite a slight retreat below $65,200, Bitcoin has remained above the 23.6% Fibonacci retracement level of the recent momentum, positioning itself at around $64,500. The $65,250 resistance will be crucial for further progress, with the first significant resistance identified near $65,500. A decisive break above this barrier could pave the way for Bitcoin to test the next resistance level at $66,200.
On the downside, if Bitcoin struggles to breach the $65,250 resistance, it may experience further declines. Immediate support is located around $64,850, with more substantial support levels at $63,850 and $63,500. Should a downtrend persist, Bitcoin could potentially revisit the $62,650 support zone.
In terms of technical analysis, the hourly MACD is showing signs of losing momentum within the bullish range, while the RSI remains above the neutral 50 level, indicating a cautious bullish sentiment. Traders will be closely monitoring these levels as they assess the direction of Bitcoin ’s price movement in the near term.
