Bitcoin price rose nearly 8% and broke through many hurdles. BTC is currently consolidating gains and may correct towards $65,000 in the near term.
- Bitcoin started a strong rally and broke through the $63,500 resistance zone.
- The price is trading above $65,000 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), a breakout occurred above the main bearish trend line with resistance at $61,500.
- The pair may correct gains, but the bulls may become active near $65,000 and $64,500.
Bitcoin price rises 8%
Bitcoin price remained strong above the $60,000 support zone. BTC formed a base and began a new rise above the $62,000 level. On the hourly chart of the BTC/USD pair, a breakout occurred above the main bearish trend line with resistance at $61,500.
The pair rallied more than 6% and broke a number of hurdles near the $63,500 resistance. Even the resistance at $65,500 was removed. A new weekly high was set at $66,411 and the price is currently on an upward trend.
From the swing low of $61,073 to the high of $66,411, the uptrend remains above the 23.6% Fib retracement level of the recent wave. Bitcoin price is trading above $65,000 and the 100-hour simple moving average.
Immediate resistance is near the $66,400 level. The first major resistance could be at $66,850. The next major resistance could be at $67,200. A clear break above the $67,200 resistance level could push the price higher. If stated, the price could move higher and test the $68,000 resistance.
If the price closes above the $68,000 resistance zone, the price could continue to rise. If specified, the price could go up to $70,000.
Are dips limited in BTC?
If Bitcoin fails to break above the $66,400 resistance zone, a downward correction could begin. Immediate support for the downside is near the $65,150 level.
The first major support is $64,500. If the close is below $64,500, the price may start to decline from $61,073 to $66,411, which is $63,500 or the 50% Fib retracement level of the recent wave. More losses could push the price towards the $63,000 support area in the near term.
Technical indicators:
Hourly MACD – MACD is now gaining speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $65,150, then $64,500.
Key resistance levels – $66,400, $66,800 and $67,200.