Bitcoin price continued its upward trend above the $64,000 resistance line. BTC currently holds gains above $62,800 and could be targeting further upside.
- Bitcoin traded at a new weekly high of $65,500 before a downward correction.
- The price is trading above $63,500 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 $63,350.
- A break above the resistance levels of $64,500 and $65,500 could lead to further upside.
Bitcoin Price Is Aiming Higher
Bitcoin price remained above the $62,500 support area and extended gains. BTC was able to clear the $64,500 resistance. It even liquidated $65,000 and tested $65,500.
A high was formed at $65,550 and the price is currently correcting to the upside. It fell slightly below the $64,000 level. The price tested the 23.6% Fib retracement level rising from the $56,380 swing low to the $65,550 high.
However, the bulls are active near $63,000. The hourly chart of the BTC/USD pair also has a major bullish trendline with support at $63,350.
Bitcoin is currently trading above $63,000 and the 100-hour simple moving average. Immediate resistance is near the $64,500 level. The first major resistance could be $65,000. The next major resistance could be $65,500.
Source: TradingView.com BTCUSD
A clear break above the $65,500 resistance could push the price higher. The next resistance level is currently at $67,200. If there is a clear move above the $67,200 resistance zone, the price may continue to rise. If specified, the price could go as high as $68,800.
Another drop in BTC?
If Bitcoin fails to rise above the $65,500 resistance zone, another decline could begin. Immediate support for the downside is near the $63,350 level and trendline.
The first major support is $62,800. If the close is below $62,800, the price may start to decline towards the 50% Fib retracement level, rising from the $56,380 swing low to the $60,800 swing high to $65,550. More losses could push the price towards the $60,000 support area in the near term.
Technical indicators:
Hourly MACD – MACD is now picking up speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now close to the 50 level.
Key support levels – $63,350, then $62,800.
Key resistance levels – $64,500, $65,000 and $65,500.
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