Bitcoin (BTC) Price Analysis: BTC Tests Crucial $65,000 Resistance Level, Break Above Could Open the Doors to $67,200

Bitcoin has recently shown bullish momentum, reaching and testing the crucial $65,000 resistance level. For the digital currency to maintain its upward trajectory

Bitcoin price encountered strong resistance at the $65,000 zone, preventing further price上昇. After rising above the $63,000 zone, the cryptocurrency showed resilience by trading above $63,500 and maintaining its position above the 100-hourly Simple Moving Average. A crucial bullish trend line also emerged, offering support at $63,450 on the hourly BTC/USD chart.

The price displayed a steady ascent from the $60,000 pivot, where it established a strong base. Bitcoin climbed past the $62,000 resistance zone, clearing the $63,200 and $63,500 levels. However, the bullish momentum faced resistance as bears emerged near the $65,000 zone, capping the price rally at $64,950 and triggering a minor pullback below $64,500. This retracement found support around the 23.6% Fibonacci retracement level, calculated from the upward movement between the $58,572 low to the $64,950 peak.

If Bitcoin manages to close above $65,500, the momentum could amplify, propelling the digital currency towards the $67,200 target, continuing its bullish trajectory.

Conversely, failure to overcome the $65,000 resistance could lead to a downward correction. Immediate support is observed near $63,800, followed by $63,500 and further down at $62,800. If this level is breached, Bitcoin may experience additional declines towards the $61,750 support zone, which aligns with the 50% Fibonacci retracement level from the previous rise.

Technical indicators present a mixed outlook. The hourly MACD shows decreasing bullish momentum, while the hourly RSI suggests sustained strength as it remains above the 50 mark. Key support levels to watch are $63,800 and $63,500, with resistance levels at $64,500 and the crucial $65,000 mark.

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