Bittime - Although Bitcoin is showing signs of improvement, it faces challenges near $64,500. Bitcoin saw a steady rise above the $62,500 resistance, but BTC again struggled to break through the $64,500 and $65,000 resistance levels. The 100 hourly moving average and price are trading above $62,500.
Bitcoin Price Technical Analysis
A major bullish trend line is forming with support at $62,800 on the hourly chart of the BTC/USD pair (data from Kraken). The pair may struggle to break the $64,500 and $65,000 resistance levels.
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Bitcoin Price Recovery
After finding support near the $56,500 zone, Bitcoin price rose significantly above the $60,000 and $61,200 resistance levels. Bulls raised the price above the hundred-hour simple moving average and the $64,500 and $65,000 resistance levels, but bears became active again near those levels. The peak was formed at $64,646.
The price rose from the swing low of $56,378 to a peak of $64,646, but is still above the 23.6% Fib retracement level. Additionally, on the hourly chart of the BTC/USD pair, a major bullish trend line can be seen forming around the support point of $62,800.
How to Buy Crypto:
Challenges of Rising Prices and Potential Downturns in Bitcoin
In the last 100 hours, the average Bitcoin price has been above $62,500. Bitcoin's immediate resistance is around $64,500, and the first and next major resistance could reach $65,000.
If Bitcoin is unable to rise above the $64,500 resistance mark, there is a possibility of further downside. There is immediate support on the downside near the trend line and the $62,800 level.
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A View of the Future of Bitcoin
The price may decline towards the 61.8% Fib retracement level if a close occurs below $61,500. This came from a rise from the swing low of $56,378 to a peak of $64,646 at $59,500, and a further decline could send the price towards the short-term support zone of $58,000.
How To Buy Bitcoin (BTC) With Bittime
You can buy and sell Bitcoin (BTC) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Bitcoin (BTC) is available on Bittime with BTC IDR pairing.
To be able to buy BTC tokens on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet . For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn How to Buy Bitcoin (BTC) on Bittime.
Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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