Bitcoin price has risen by more than 10% and has broken through the $64,000 resistance level. BTC is showing positive signs and may attempt to move above the $65,000 level.
- Bitcoin gained bullish momentum above the $63,500 resistance level.
- The price is trading above $63,500 and the 100-hour simple moving average.
- According to data provided by Kraken, a major bullish trend line is forming around support at $62,200 on the hourly chart of BTC/USD.
- The pair is likely to continue its upward movement if it breaks the resistance level of $65,000.
Bitcoin price rises 10%
Bitcoin price started a big rally above the $61,500 and $62,000 resistance levels. BTC broke through the $63,500 resistance and moved further into positive territory. The bulls pushed the price towards the $65,000 area.
A high was formed at $64,900 and the price is currently consolidating in an uptrend. It is trading well above the 23.6% Fib rectification level of the upward move from the $62,320 swing low to the $64,900 high. There is also a major bullish trend line forming with support at $62,200 on the hourly chart of the BTC/USD pair.
Bitcoin price is currently trading above $64,000 and the 100-hour SMA. If the uptrend continues, the price may face resistance near the $64,800 level. The first major resistance is near the $65,000 level.
A clear move above the $65,000 resistance level could start a significant uptrend in the coming session. The next major resistance level could be $66,200. The next major hurdle is at $66,500. A close above the $66,500 resistance level could start a steady uptrend, pushing the price higher. In the case mentioned, the price could rise and test the $67,000 resistance level.
Is BTC’s decline limited?
If Bitcoin fails to break above the $65,000 resistance zone, a downward correction could begin. Immediate support for the downside is near the $64,250 level.
The first major support is at $63,650, which is the 50% Fibonacci correction level of the upward move from the $62,320 swing low to the $64,900 high. The next support is now near $62,500. Any further losses could push the price towards the $61,500 support area in the short term.
Technical indicators:
Hourly MACD – MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.
Key support levels – $64,250, then $63,650.
Key resistance levels – $65,000 and $66,200.