Bitcoin has its new rally around the $64,500 and $65,000 resistance degrees. The world’s largest cryptocurrency has even surpassed the $66,000 resistance mark.
BTC has managed to reach its weekly high of $67,200 and is looking to consolidate its gains. Its value is approaching the 23. 6% Fibonacci retracement level, with a rise from the low of $64,281 to the low of $67,200.
Since the cryptocurrency is trading above $65,500, it is hovering above the 100-hour SMA (simple moving average). As the uptrend line bureaucracy at $65,700, Bitcoin’s value prediction shows that the crypto is reaching a new high soon.
Its trend occurs at the 50% Fibonacci retracement level, from the upward move to the low of $64,281 and the low of $67,200. Its closest resistance is at $67,000, with the primary resistance at the $67,200 mark.
After that, Bitcoin will face another point of resistance at $68,500. If it manages to cross this threshold, its value will continue to rise, crossing the $70,000 mark. After this, BTC will face significant resistance at $70,500.
However, breaking above the level will send the crypto towards the $72,000 mark in the short term.
On the other hand, if BTC fails to break above the $67,000 resistance mark, it could enter a downward correction. Its indicator stands at $66,500, with the main status at $65,700.
Breaking the bar will push the crypto up to $65,500, which could eventually lead to a high of $65,000. Any further loss would send the crypto towards the $64,200 zone.
According to the hourly MACD, BTC has momentum in the bullish zone. The BTC/USD Relative Strength Index is trading above the 50 level.
Seeing how Bitcoin is about to halve, experts expect a huge increase in the coming months.