Bitcoin Price Attempts Comeback, but Technical Hurdles Challenge Bulls Ahead
Bitcoin price failed to stay above $65,000 and dipped further. BTC is now recovering losses from $62,500 and faces hurdles near the $66,500 zone. The first key resistance is near the $67,200 level or the 76.4% Fib retracement level of the recent decline from the $68,654 swing high to the $62,500 low. A close above the $67,200 resistance might send the price further higher. In the stated case, the price could rise and test the $68,000 resistance. Any more gains might send the price toward the $68,800 level. The next barrier for the bulls could be $69,200 and $69,500. If Bitcoin fails to rise above the $66,500 resistance zone, it could start another decline. Immediate support is near the $65,500 level. The first major support is near the $65,000 level. The next support is now near the $64,200 zone. Any more losses might send the price toward the $63,500 support in the near term. The main support now sits at $62,500, below which BTC might struggle to recover in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $65,500, followed by $65,000. Major Resistance Levels – $66,500 and $67,200.Another Decline In BTC?
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