United for Profits
  • Personal Finance
  • Cryptocurrency
  • Strategy
  • Business
  • Retirement
  • Personal Finance
  • Cryptocurrency
  • Strategy
  • Business
  • Retirement
No Result
View All Result
United for Profits
No Result
View All Result
Home Cryptocurrency

Bitcoin Price Faces Challenge at $65K: Can It Break Through?

by
August 26, 2024
in Cryptocurrency
0
Bitcoin Price Faces Challenge at $65K: Can It Break Through?

Bitcoin price gained pace and tested the $65,000 resistance. BTC must clear $65,000 to continue higher in the near term.

Bitcoin started a steady increase above the $63,000 zone.
The price is trading above $63,500 and the 100 hourly Simple moving average.
There is a key bullish trend line forming with support at $63,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might attempt a fresh increase if it clears the $65,000 resistance zone.

Bitcoin Price Eyes More Gains

Bitcoin price remained stable above the $60,000 pivot level. BTC formed a base and started a steady increase above the $62,000 resistance zone. The price climbed above the $63,200 and $63,500 resistance levels.

Finally, the bears appeared near the $65,000 resistance zone. A high was formed at $64,950 and the price is now consolidating gains. There was a minor decline below the $64,500 level. The price tested the 23.6% Fib retracement level of the upward move from the $58,572 swing low to the $64,950 high.

Bitcoin is now trading above $63,200 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support at $63,450 on the hourly chart of the BTC/USD pair.

On the upside, the price could face resistance near the $64,500 level. The first key resistance is near the $65,000 level. A clear move above the $65,000 resistance might send the price further higher in the coming sessions. The next key resistance could be $65,500.

A close above the $65,500 resistance might spark more upsides. In the stated case, the price could rise and test the $67,200 resistance.

Another Decline In BTC?

If Bitcoin fails to rise above the $65,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $63,800 level.

The first major support is $63,500. The next support is now near the $62,800 zone. Any more losses might send the price toward the $61,750 support zone or the 50% Fib retracement level of the upward move from the $58,572 swing low to the $64,950 high 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 above the 50 level.

Major Support Levels – $63,800, followed by $63,500.

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

Previous Post

NEAR: Network Upgrade Gives Token 23% Price Boost – Details

Next Post

XRP Price Faces Challenges: Will It Overcome and Rise?

Next Post
XRP Price Faces Challenges: Will It Overcome and Rise?

XRP Price Faces Challenges: Will It Overcome and Rise?

Exchange Rate

Exchange Rate USD: Sun, 27 Jul.

Enter Your Information Below To Receive Trading Ideas and Latest News

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
    • About Us
    • Contact Us
    • Privacy Policy
    • Terms & Conditions
    • Email Whitelisting

    Copyright © 2025 unitedforprofits.com All Rights Reserved.

    No Result
    View All Result
    • Personal Finance
    • Cryptocurrency
    • Strategy
    • Business
    • Retirement

    Copyright © 2025 unitedforprofits.com All Rights Reserved.