Bitcoin Price Rejects Key Resistance, Time For Another Drop In BTC?

Bitcoin price started a steady increase above the $62,500 resistance. BTC is again struggling to clear the $64,500 and $65,000 resistance levels.

■  Bitcoin is showing positive signs and facing hurdles near $64,500.

■  The price is trading above $62,500 and the 100 hourly Simple moving average.

■  There is a key bullish trend line forming with support at $62,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).

■  The pair could struggle to clear the $64,500 and $65,000 resistance levels.

Bitcoin Price Faces Resistance

Bitcoin price found support near the $56,500 zone and started a decent increase. There was a clear move above the $60,000 and $61,200 resistance levels.

The bulls pushed the price above the $63,500 level and the 100 hourly Simple moving average. However, the bears are again active near the $64,500 and $65,000 resistance levels. A high was formed at $64,646 and the price is now consolidating gains.

It is stable above the 23.6% Fib retracement level of the upward move from the $56,378 swing low to the $64,646 high. There is also a key bullish trend line forming with support at $62,800 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading above $62,500 and the 100 hourly Simple moving average. Immediate resistance is near the $64,500 level. The first major resistance could be $65,000. The next key resistance could be $65,500.

Source: BTCUSD on TradingView.com

A clear move above the $65,500 resistance might send the price higher. The next resistance now sits at $66,800. If there is a clear move above the $66,800 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $68,000.

Another Decline In BTC?

If Bitcoin fails to rise above the $64,500 resistance zone, it could start another decline. Immediate support on the downside is near the $62,800 level and the trend line.

The first major support is $61,500. If there is a close below $61,500, the price could start to drop toward the 61.8% Fib retracement level of the upward move from the $56,378 swing low to the $64,646 high at $59,500. Any more losses might send the price toward the $58,000 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.

Major Support Levels – $62,500, followed by $61,500.

Major Resistance Levels – $64,500, $65,000, and $65,500.