Bitcoin price began a new rise, breaking the $64,500 area. BTC is consolidating and could target further gains above the $66,200 level.
- Bitcoin began a new rally, holding above $62,500.
- The price is trading above $64,500 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a bullish trendline with support at $64,200.
- The pair could extend its gains if it stays above the $65,500 and $66,200 levels.
Bitcoin price gains strength again
Bitcoin price found support near $60,800 and started a new rise. BTC gained speed above the $61,500 and $63,200 resistance levels.
The strength even pushed the price above $64,500. A high was formed at $65,847, and the price began a consolidation phase above the 23.6% Fib retracement level, rising from the $60,746 swing low to the $65,847 high.
Bitcoin is currently trading above $64,500 and the 100-hour simple moving average. Moreover, on the hourly chart of the BTC/USD pair, a bullish trend line is formed with support at $64,200.
If the price remains stable above $64,500, a new increase could be attempted. Immediate resistance is near the $65,500 level. The first major resistance is near the $66,200 level. A break above the $66,200 resistance could push the price higher. If stated, the price could move higher to test the $66,800 resistance. More profits could push the price higher to the $67,500 level. The next barrier for the bulls could be $68,000.
Another drop in BTC?
If Bitcoin fails to rise above the $66,200 resistance zone, another decline could begin. Immediate support is near the $64,650 level. The first major support is near the $64,200 level.
The next support is now near the $63,300 zone or the 50% Fib retracement level of the rise from the $60,746 swing low to the $65,847 high. More losses could push the price towards the $62,500 support in the near term. Key support is currently at $61,800, below which BTC may find it difficult to recover 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 – $64,650, then $64,200.
Key resistance levels – $65,500 and $66,200.