Bitcoin price found support near the $63,500 area. BTC is currently rising and showing positive signs above the $65,500 resistance area.
- Bitcoin has formed a base and started a new uptrend above the $65,000 resistance zone.
- The price is trading above $65,500 and the 100 hourly simple moving average.
- According to data provided by Kraken, a major downtrend line has broken centered around the resistance level of $66,000 on the hourly chart of BTC/USD.
- This currency pair could surge towards the $67,500 and $68,000 levels in the short term.
Bitcoin Price Bolsters Again, Up 4%
Bitcoin price extended losses and traded below the $64,200 level. However, BTC bulls were active near the $63,500 level. A low was formed at $63,427 and the price recently started a new uptrend.
It moved above the $64,500 and $65,000 resistance levels. The price rose above the 50% Fibonacci retracement level of the downward move from the $68,240 swing high to $63,427 low. Moreover, it broke above the major downtrend line with the resistance at $66,000 on the hourly chart of the BTC/USD pair.
Bitcoin price is currently trading above $65,500 and the 100-hourly simple moving average. If the price continues to rise, it may face resistance near the $67,000 level or the 76.4% Fib retracement level of the downtrend from the $68,240 swing high to the $63,427 low.
The first major resistance is near the $67,500 level. If the $67,500 resistance is clearly surpassed, the price may move higher in the next session. The next major resistance could be $68,000. The next major hurdle is at $68,500. A close above the $68,500 resistance could trigger a bullish move. If mentioned, the price may rise and test the $70,000 resistance.
Bitcoin Another Downtrend?
If Bitcoin fails to recover above the $67,000 resistance, another downtrend could begin. Immediate support for the downtrend lies near the $66,400 level and the 100-hour SMA.
The first major support is at $65,500. The next support is currently near $65,000. If there is further loss, the price could move towards the $63,500 support area in the short term.
Technical indicators:
Hourly MACD – MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.
Key support levels – $66,400, then $65,500.
Key resistance levels – $67,000 and $68,000.