#Are you still bullish on the market? Why?

The growing tension between Israel and Iran has had a profound impact on the cryptocurrency market, especially on the price of Bitcoin. The recent sudden declines in the price of Bitcoin are closely associated with political tensions in this geography. Looking at the price action of BTC/USD, we can see a rescue wave coming from the $60,660 level. However, Bitcoin, which has faced significant resistance levels, is facing obstacles in its recovery process.

Bitcoin Price Above $65,000
For now, Bitcoin is trading above the $65,000 level. According to the 4-hour chart, there is an important ascending channel forming with resistance at $65,850. The first major resistance that Bitcoin faces is at the $66,000 level. However, if the price can break above this level, a move towards the $68,000 resistance zone could begin.

In this case, the price can be expected to gain momentum towards the $70,000 levels. The main resistance point is located near the USD 71,200 area. If Bitcoin breaks through these resistances, it is likely to embark on a journey towards the $72,500 level in the near term.

It is necessary to be careful in this recovery process in the price of Bitcoin. Because political factors such as Israeli-Iranian tensions and uncertainties in the market may cause the price to decline again.

Is There a Possibility of Another Decline in BTC?
If Bitcoin fails to break above the $66,850 resistance zone, it could start a new downtrend. So, what should investors expect? BTC/USD gained significant bullish momentum after the sharp decline but failed to break through the critical resistance zone of $66,850. This creates uncertainty in the market and increases the risk of a corrective movement.

Currently, an important support on the downside for Bitcoin is near the USD 64,500 level. However, if this support is broken, there is a possibility that the price could fall further towards the $63,000 level. In this case, a level of $62,000 could be tested, and even a move towards the $60,500 support zone could be observed in the near term.

Looking at the technical indicators, the four-hour MACD indicator is losing momentum and moving away from the bullish zone. However, the four-hour RSI (Relative Strength Index) is hovering above the 50 level. This is partly an indication that buyers are still influential in the market.

The main support levels are set at $64,500 and then $63,000. On the other hand, resistance levels are being watched at $65,850, $66,000 and $68,000. #ContentStar #HotTopicDiscussion