Bitcoin (Bitcoin-BTC) is currently trading slightly lower by 0.30% over the last 24 hours at $63,980 amid daily trading volumes of $18.86 billion; Bitcoin remains the dominant force in the movements of the crypto markets due to its huge market capitalization of approximately $1.26 trillion currently. Therefore, investors and traders are all watching its price movements closely due to its leading role.
Bitcoin price nears resistance level of $65,000
Looking at the daily chart of Bitcoin’s price, it seems that its movements are facing an important resistance level near $65,000, as evidenced by the formation of a Doji trading candle (with a small body in the middle), which usually indicates the dominance of hesitation on market participants and indicates the possibility that the recently gained bullish momentum will lose some of its strength, and the stability of the RSI reading at 57.91 indicates that buying pressure is calming while remaining at a level that qualifies it to regain momentum.
Bitcoin currently in circulation stands at 19.75 million BTC out of its maximum supply of 21 million, so it is now facing a critical resistance level that could determine its price path in the foreseeable future.
Bitcoin Short-Term Price Forecast
The BTC/USD pair is currently trading near the crucial pivot point of $65,000, which has proven to be a major battlefield, with several Doji and tail candlesticks forming upwards, indicating the uncertainty dominating traders.
On the four-hour chart, the RSI reading indicates 62 indicating that the price is staying in overbought territory, which can pause its bullish trajectory, and the nearest resistance level holds at $65,000 with additional resistance levels at $66,782, $68,174 and $69,994; if the price manages to break through these levels, it could continue its upward march and reach higher levels.
Bitcoin is at a critical juncture, hovering near $65,000. A breakout above this key resistance could push prices higher, but a dip below $62,654 might trigger a sell-off. #Bitcoin #CryptoTrading pic.twitter.com/z8W4NZeDM4
If the price does not succeed in breaching the $65,000 resistance level decisively, it could face a wave of declines later.
On the other hand, the closest support level is along the ascending trend line at $62,654, where the price is likely to gain buying interest as traders rush to take advantage of any temporary pulls, and the subsequent support levels at $60,712 and $58,900 are more attractive areas to buy, and buying pressure may increase when tested out.
Bitcoin Price Forecast The 50-day exponential moving average (EMA-50) line is currently positioned at $61,902, forming a strong pillar for continuing the rally; if the price manages to stay above, its outlook will remain positive overall.
The bottom line
The price of Bitcoin is at a critical stage, where the $65,000 level acts as a focal point to determine its path in the foreseeable future, and breaching this barrier could ignite the bullish momentum again, which could push the price to reach and cross the $66,782 level.
However, a drop below $62,654 could trigger an extended sell-off that could trigger the next key support levels at $60,712 and $58,900, so traders should keep a close eye on these levels given
However, a drop below $62,654 could trigger an extended sell-off that could trigger a key support at $60,712 and $58,900, so traders should keep a close eye on these levels given the potential breakout opportunities and the potential for market sentiment to change.
Currently, the nearest support is holding at $63,650, providing a pillar that can prevent the spillover of the declines in the foreseeable future.
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