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Home»EXCHANGE NEWS»Bitcoin Price Consolidates Gains: Cryptocurrency Market Stability Amid Recent Spikes
EXCHANGE NEWS

Bitcoin Price Consolidates Gains: Cryptocurrency Market Stability Amid Recent Spikes

By Crypto FlexsMay 17, 20242 Mins Read
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Bitcoin Price Consolidates Gains: Cryptocurrency Market Stability Amid Recent Spikes
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Bitcoin price rose to test the $66,500 area. BTC is currently consolidating gains and could attempt another hike up to $67,500.

  • Bitcoin began its consolidation phase at the $66,500 resistance zone.
  • The price is trading above $65,000 and the 100-hour simple moving average.
  • The hourly chart of the BTC/USD pair (data feed from Kraken) shows a key bullish trendline with support at $65,150.
  • Unless the bears break below $63,800, the pair could begin another rally.

Bitcoin price remains supported

Bitcoin price formed a base and began a new rise above the $63,500 level. BTC even cleared the $65,500 resistance and tested the $66,500 area. A new weekly high was set at $66,565 and the price is currently on an upward trend.

It fell slightly below the $66,000 level. The price fell below the 23.6% Fib retracement level of the rise from the $61,073 swing low to the $66,565 high.

Bitcoin price is currently trading above $65,000 and the 100-hour simple moving average. The hourly chart of the BTC/USD pair also features a major bullish trendline with support at $65,150. Immediate resistance is near the $65,600 level.

The first major resistance could be at $66,000. The next major resistance could be $66,500. A clear break above the $66,500 resistance could push the price higher. If indicated, the price could move higher to test the $67,200 resistance.

Source: TradingView.com BTCUSD

If the bulls remain active, the price could rise to the $68,000 resistance zone. Further gains could push BTC towards the $70,000 barrier.

Another drop in BTC?

If Bitcoin fails to rise above the $66,000 resistance zone, it may continue to fall. Immediate support for the downside is near the $65,150 level and trend line.

The first major support is at $64,200. Key support is currently forming near $63,800, or the 50% Fib retracement level of the rise from the $61,073 swing low to the $66,565 high. More losses may lead the price towards the $63,150 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 – $65,150, then $63,800.

Key resistance levels – $66,000, $66,500 and $67,200.

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