Bitcoin price recovered and broke above the $64,000 resistance zone. BTC currently faces obstacles near the $65,500 and $66,000 levels.
- Bitcoin is currently struggling to gain speed above the $65,500 resistance zone.
- The price is trading above $64,000 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a major contraction triangle forming at resistance $65,100.
- A break above the $65,500 resistance could start a new surge.
Bitcoin price begins to rise
Bitcoin price found support above $60,000 and started a new rise. BTC broke above the $62,500 and $63,500 resistance levels. The rally even pushed the price above the $65,000 level.
However, the bears appear to be active near $65,500. A recent high was made at $65,598 and the price is now consolidating gains. Despite the decline below the $65,000 level, the price is still above the 23.6% Fib retracement level of the rise from the $59,666 swing low to the $65,598 low.
Bitcoin price is trading above $64,000 and the 100-hour simple moving average. Immediate resistance is near the $65,100 level. On the hourly chart of the BTC/USD pair, there is also a major contraction triangle with resistance formed at $65,100.
The first major resistance could be at $65,500. The next resistance level is now at $66,000. If there is a clear move above the $66,000 resistance zone, the price may continue to rise. If specified, the price could go as high as $67,500.
Source: TradingView.com BTCUSD
The next major resistance is near $68,500. If more gains occur, Bitcoin may head towards the $70,000 resistance zone in the near term.
Fixing BTC’s shortcomings?
If Bitcoin fails to rise above the $65,500 resistance zone, a downward correction could begin. Immediate support for the downside is near the $64,500 level.
The first major support is $64,000. If the close is below $64,000, the price may begin to decline towards the 50% Fib retracement level, rising from the $59,666 swing low to the $65,598 low at $62,500. More losses could lead the price towards the $61,200 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 close to the 50 level.
Key support levels – $64,500, then $64,000.
Key resistance levels – $65,100, $65,500 and $66,000.
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