The Bitcoin price started a decent rise above $66,000. BTC is now consolidating above USD 66,000 and could aim for more gains above USD 67,200.
- Bitcoin started a fresh surge after breaking above the $65,500 support.
- The price is trading below $67,000 and the 100 hourly moving average.
- A bearish trendline is forming with resistance at $67,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could fall again if it trades below the $65,500 and $65,000 levels.
Bitcoin price faces major resistance
Bitcoin price managed to form a base above the $63,500 zone. BTC started a new increase and was able to cross the USD 64,500 resistance zone.
The price even rose above the USD 67,000 resistance. Finally, the bears showed up for almost $68,000. It reached a high at $68,180, and the price recently corrected some gains. There was a move below the 50% Fib retracement level of the upward move from the $63,030 swing low to the $68,181 high.
Bitcoin is now trading below $67,000 and the 100 hourly moving average. If the price remains stable above $65,000, another increase can be attempted. The immediate resistance is near the $67,000 level. A bearish trendline is also forming with resistance at $67,000 on the hourly chart of the BTC/USD pair.
The first major resistance is near the $68,200 level. A close above the USD 68,200 resistance could send the price rising further. In the mentioned case, the price could rise and test the USD 69,500 resistance. Any further gains could send the price towards the $70,000 level. The next threshold for the bulls could be $70,500 and $71,200.
Disadvantage of continuation in BTC?
If Bitcoin fails to rise above the $67,000 resistance zone, it could trigger another decline. Immediate support is approaching the $65,500 level. The first major support is near the $65,000 level or the 61.8% Fib retracement level of the upward move from the $63,030 swing low to the $68,181 high.
The next support is now near the $64,250 zone. Any further losses could send the price towards the USD 64,000 support in the short term. The key support is now at $63,000, below which BTC may struggle to recover in the short term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 65,500, followed by USD 65,000.
Major resistance levels – $67,000 and $68,200.