Bitcoin Faces Resistance at $65,500: Technical Analysis Update

Bitcoin’s attempt to surpass the $65,500 resistance has hit a snag, leading to a downward trend with several indicators pointing towards a bearish outlook under the $63,500 threshold.

Initially showing promise, Bitcoin underwent a corrective downturn, slipping beneath $63,500 and the 100-hourly Simple Moving Average. Notably, a significant bullish trend line at $63,700 was breached on the BTC/USD hourly chart from Kraken’s data feed, signaling potential for further losses, possibly revisiting the $60,000 support area in the short term.

Bitcoin’s price climb above $64,500 encountered resistance near $65,500, culminating in a peak at $65,550 before corrective movements ensued. The subsequent dip saw the price slide below $64,000, breaching the 23.6% Fibonacci retracement level from its recent surge. Additionally, the breakdown shattered a key bullish trend line, indicating a challenging path ahead.

Presently, Bitcoin finds itself trading below $63,500 and its 100-hourly Simple Moving Average, with immediate resistance anticipated near $63,350 and subsequent hurdles at $64,000 and $65,000. However, the primary obstacle remains at $65,500, a breakthrough of which could fuel further upward momentum, possibly targeting $66,650 and even $68,000.

Should Bitcoin falter to surpass the $63,500 resistance, a continuation of the downward trajectory seems likely, with initial support lying around $62,000. Deeper losses could test the $61,000 mark, followed by a potential descent towards $60,000, with further downside pressure possibly pushing towards the $58,000 support zone.

Technical analysis reveals the hourly MACD gaining momentum in the bearish territory, while the Relative Strength Index (RSI) for BTC/USD has dipped below the 50 level.

Key Support Levels: $62,000, $60,000

Key Resistance Levels: $63,500, $64,000, $65,500


Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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