Bitcoin (BTC/USD) is currently being traded at $65,100, showing a 0.64% increase. Looking at the 4-hour chart, we can identify a crucial pivot point at $65,700, which plays a significant role in determining the next price movement. If the candles close below the pivot point level of $65,500, it suggests a bearish Bitcoin price prediction.
As for the resistance levels, we observe immediate resistance at $66,800, followed by $67,800 and $68,500. On the downside, immediate support is found 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. Additionally, the 50-day Exponential Moving Average (EMA) is positioned at $65,600, aligning with the downward channel that extends resistance near the $65,500 level. This resistance acts as a barrier, limiting Bitcoin’s potential for upward movement.
