Bitcoin price tested the $65,200 area before beginning an upward trend. BTC is currently rising and targeting more upside above the $67,500 resistance level.
- Bitcoin extended losses and tested the $65,200 area.
- The price is trading below $67,500 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 $66,800.
- A break above the $67,500 resistance area could provide bullish momentum.
Bitcoin price begins a new rise
Bitcoin price extended its downward correction below the $66,500 level. It moved below the $66,000 and $65,500 levels. The price tested up to the $65,200 support area.
A low was made at $65,199 and the price is rising again. There was a clear move above the $66,500 level. The price broke above the 23.6% Fib retracement level moving down from the $69,425 swing high to the $65,199 low. Moreover, on the hourly chart of the BTC/USD pair, it broke the key bearish trend line at the resistance level of $66,800.
Bitcoin price is currently trading below $67,500 and the 100-hour simple moving average. On the upside, the price may face resistance near the $67,300 level or the 50% Fib retracement level of a downward move from the $69,425 swing high to the $65,199 low.
The first major resistance is near the $67,500 level. A clear break above the $67,500 resistance could push the price higher. The next major resistance could be $68,000.
A close above the $68,000 resistance could lead to further gains. If indicated, the price could move higher to test the resistance level of $69,200. Any more profits could push the price towards the $70,000 resistance level.
Another drop in BTC?
If Bitcoin fails to rise above the $67,500 resistance zone, another decline could begin. Immediate support for the downside is near the $66,500 level.
The first major support is near the $66,200 level. The next support level is now near $66,000. Any more losses could lead the price towards the $65,200 support in the near term.
Technical indicators:
Hourly MACD – MACD is now losing speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $66,500, then $66,200.
Key resistance levels – $67,500 and $68,000.