Bitcoin price continued its upward trend and surpassed the $66,000 resistance zone. BTC is currently showing positive signs and could find bids close to $65,500.
- Bitcoin rose above the $65,500 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 key bullish trendline with support at $65,700.
- A downward correction is possible, but the bulls could remain active near the $65,500 support.
Bitcoin price rise
Bitcoin price began a new rise above the $64,500 and $65,000 resistance levels. The BTC rally also pushed the price above the $66,000 resistance level. It traded at a new weekly high of $67,200 and is currently consolidating gains.
The price is slowly declining towards the 23.6% Fib retracement level, rising from the $64,281 swing low to the $67,200 low. Bitcoin price is still trading above $65,500 and the 100-hour simple moving average.
The hourly chart of the BTC/USD pair also has a major bullish trendline with support at $65,700. The trend line is near the 50% Fib retracement level rising from the $64,281 swing low to the $67,200 low.
Immediate resistance is near the $67,000 level. The first major resistance could be at $67,200. 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.
Fixing BTC’s shortcomings?
If Bitcoin fails to rise above the $67,000 resistance zone, a downward correction could begin. Immediate support for the downside is near the $66,500 level.
The first major support is at $65,700 or the trend line. If the closing price falls below $65,500, the price may start to fall towards $65,000. 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 – $66,500, then $65,500.
Key resistance levels – $67,000, $67,200 and $68,500.
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