Bitcoin price tested the $65,000 support zone. BTC is currently in an upward trend and is attempting a new rally above the $70,000 resistance zone in the near term.
- Bitcoin price is showing some positive signs in the $65,000 range.
- The price is trading below $70,000 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), a breakout occurred above the main bearish trendline with resistance at $67,100.
- In the near term, a break above the $70,000 resistance area could provide bullish momentum.
Bitcoin price maintains support
Bitcoin price began a downward correction in the $73,500 range. There was a steady decline below the $70,000 support zone and the decline pushed the price below $68,000.
Finally, the price tested the $65,000 support area. The low was formed at $64,555 and the price is currently attempting a new rise. There was a move above the $66,500 resistance zone. The price moved above the 23.6% Fib retracement level, moving down from the $73,734 swing high to the $64,555 low.
A breakout also occurred above the main bearish trend line at $67,100, which is resistance on the hourly chart of the BTC/USD pair. Bitcoin is currently trading below $70,000 and the 100-hour simple moving average.
Immediate resistance is near the $69,200 level or the 50% Fib retracement level of the downside move from the $73,734 swing high to the $64,555 low. The next major resistance could be $70,000, above which the price may rise towards the $71,200 resistance zone.
Source: TradingView.com BTCUSD
If there is a clear move above the $71,200 resistance zone, the price may try to move above the $72,000 resistance zone. More profits could push the price higher to the $73,500 level.
Will there be more losses in BTC?
If Bitcoin fails to rise above the $70,000 resistance zone, another decline could begin. Immediate support for the downside is near the $67,000 level.
The first major grant is $65,000. Main support is $64,500. If it closes below $64,500, the price may start to fall towards the $63,500 level. Any more losses could lead the price towards the $62,000 support area.
Technical indicators:
Hourly MACD – MACD is now losing speed in bearish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $66,500, then $65,000.
Key resistance levels – $69,200, $70,000 and $71,200.
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