[Bitop Review] Bitcoin Breaks Free: Emerging from Bearish Sentiment, Crypto Market Optimism Rises
1. Price Trend:
Bitcoin’s price remains stable above the $60,000 support area, establishing a foundation and initiating a strong uptrend above $62,000, breaking through many obstacles near the $63,500 resistance level and even surpassing the $65,500 resistance level. A new weekly high was formed at $66,411, and the price is consolidating its gains. Currently, the trading price is also above $65,000 and the 100-hour simple moving average. Bitcoin may experience a corrective pullback in the short term, possibly retracing to $65,000, but bulls may become active near $65,000 and $64,500.
2. Potential Upside Opportunities:
The immediate resistance for Bitcoin is near the $66,400 level. The first major resistance level may be around $66,850, followed by a key resistance level at $67,200. A clear breakthrough of this resistance level could lead to further upside momentum, potentially even rising to test the $68,000 resistance level. If the $68,000 resistance level is breached, the price could rise to $70,000.
3. Potential Downside Risks:
If Bitcoin fails to break the resistance at $66,400, the immediate support level on the downside lies near $65,150. The first major support level is at $64,500. If the price drops below $64,500, it may start to decline towards $63,500, or even fall to the support area around $63,000 in the short term.
4. Technical Indicators:
Hourly MACD — The MACD for BTC/USD is currently accelerating in the bullish zone, indicating that the bullish momentum in the market is intensifying, presenting a potential bullish signal.
Hourly RSI — The RSI for BTC/USD is currently above the 50 level, suggesting relatively strong buying pressure.
Resistance levels:
First resistance: 66850
Second resistance: 67200
Support levels:
First support: 65150
Second support: 64500
Trading direction: Long
Entry position: 65400–65200
Stop loss: 64400
Take profit: 67000–67200
Disclaimer: The article is contributed by the market analyst from Bitop market observation team. The content is solely for personal opinions and sharing. The analysis is time-sensitive and provided for reference and discussion only. It does not constitute any investment advice. The market is risky, so investing should be done cautiously.
