Bitcoin (BTC/USD) is currently experiencing a trading price of $65,100, which reflects a 0.64% increase. The pivot point on the 4-hour chart is set at $65,700, a crucial level that will determine the future direction of the price. If the candles close below the pivot point, specifically below the $65,500 mark, it suggests a bearish prediction for Bitcoin’s price.
As for the resistance levels, we can observe that the immediate resistance is located at $66,800, followed by $67,800 and $68,500. On the other hand, the immediate support level stands at $64,150, with further support at $63,200 and $62,300.
Analyzing the Relative Strength Index (RSI), we can see that it currently stands at 47, indicating a neutral momentum. Moreover, the 50-day Exponential Moving Average (EMA) is positioned at $65,600. It aligns with the downward channel, which acts as resistance near the $65,500 level. This ultimately limits the potential upward movement of Bitcoin.
