Bitcoin price rose above the $66,000 resistance zone and began consolidation. BTC is now watching for the next move above the $67,200 resistance zone.
- Bitcoin is aiming for a significant rise above the $67,200 resistance zone.
- The price is trading above $65,500 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a connecting bullish trendline with support at $65,900.
- A break above the $67,200 resistance area could provide bullish momentum.
Bitcoin price to watch for more gains
Bitcoin price began a new rise above the $65,500 and $66,000 resistance levels. BTC has surpassed the $67,000 level. It traded as high as $67,200 and is currently consolidating gains.
There was some decline below the $66,500 level, but the price held steady above the 23.6% Fib retracement level rising from the $64,280 swing low to the $67,200 low. Bitcoin price is still trading above $65,500 and the 100-hour simple moving average.
On the hourly chart of the BTC/USD pair, there is also a connecting bullish trendline with support at $65,900. The trend line is near the 50% Fib retracement level rising from the $64,280 swing low to the $67,200 low.
Immediate resistance is near the $67,000 level. The first major resistance could be at $67,200. A clear break above the $67,200 resistance could push the price higher. The next resistance level is now at $68,500. If there is a clear move above the $68,500 resistance zone, the price may continue to rise. If specified, the price could go up to $70,000.
Source: TradingView.com BTCUSD
The next major resistance is near $70,500. More gains could push Bitcoin towards the $72,000 resistance zone in the near term.
Are dips limited in BTC?
If Bitcoin fails to rise above the $67,000 resistance zone, a downward correction could begin. Immediate support for the downside is near the $66,200 level.
The first major support is at $66,000 or the trend line. If the closing price falls below $66,000, the price may start to fall towards $65,400. More losses could lead the price towards the $64,200 support area 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 – $66,200, then $66,000.
Key resistance levels – $67,000, $67,200 and $68,500.
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