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Bitcoin price broke the $64,750 resistance level and started a new rise. BTC has currently consolidated around $65,000 and may continue to be supported.
- Bitcoin is consolidating gains near $65,000.
- The price is trading above $64,200 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a short-term contraction triangle forming with resistance at $65,250.
- If there is a clear move above the $65,250 resistance zone, the pair could begin another rally.
Bitcoin price gains strength again
Bitcoin price maintained support near the $62,650 level. BTC formed a base and started a new increase above the $63,500 resistance zone. It gained momentum above the $64,200 resistance zone.
The bulls even pushed the price above $65,000. A high was formed at $65,764 and the price is now consolidating gains. It fell slightly below the $65,200 level. The price fell below the 23.6% Fib retracement level, rising from the $62,673 swing low to the $65,764 high.
Bitcoin is currently trading above $64,500 and the 100-hour simple moving average. In case of a fresh price hike, the price may face resistance near the $65,250 level. On the hourly chart of the BTC/USD pair, there is also a short-term contraction triangle forming resistance at $65,250.
The first major resistance is near the $65,500 level. A clear break above the $65,500 resistance could push the price higher. The next major resistance could be at $66,200. A break above the $66,200 resistance level could trigger further upside. If indicated, the price could move higher to test the $67,500 resistance level.
Another drop in BTC?
If Bitcoin fails to rise above the $65,250 resistance zone, it may continue to fall. Immediate support for the downside is near the $64,850 level.
The first major support is near the $63,850 level and the 61.8% Fib retracement level of the rise from the $62,673 swing low to the $65,764 high. The next support is now near the $63,500 area. Any more losses could lead the price towards the $62,650 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 – $64,850, then $63,850.
Key resistance levels – $65,250 and $65,500.