Bitcoin price started a new rally above the USD 65,500 resistance zone. BTC is now consolidating and could clear the $68,000 resistance to continue higher.
- Bitcoin has risen more than 7% and is now showing many positive signs.
- The price is trading above USD 66,500 and the 100 hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $66,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise further if a close above the $68,000 resistance zone.
Bitcoin Price Rises Over 8%
Bitcoin price remained supported and started a new rise above the USD 65,500 resistance. BTC managed to overcome the resistance at $66,500 to move into a positive zone. The price even rose above the USD 67,000 and USD 67,500 resistance levels.
Recently there was a downward correction to $64,500. A low was formed at $64,686 and the price is rising again. There was a move above the resistance at $66,500. The price climbed above the 50% Fib retracement level of the downward correction from the $67,871 swing high to the $64,686 low.
Bitcoin price is now trading above $66,000 and the 100 hourly Simple Moving Average. A connecting bullish trendline is also forming with support at $66,400 on the hourly chart of the BTC/USD pair.
On the upside, the price could encounter resistance around the $67,400 level. The first major resistance is near the $67,800 level. A clear move above the USD 67,800 resistance could push the price higher. The next major resistance could be at USD 68,800.
A close above the resistance at $68,800 could lead to more gains. In the said case, the price could rise and test the USD 69,500 resistance level. Any further gains could send the price towards the USD 70,000 resistance level.
Another drop in BTC?
If Bitcoin fails to rise above the USD 67,800 resistance zone, it could trigger another decline. The immediate downside support is near the $66,400 level and the trendline.
The first major support is near the $65,500 level. The next support is now near the $64,500 zone. Any further losses could send the price towards the USD 63,200 support in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 66,400, followed by USD 65,500.
Major resistance levels – $67,800 and $68,800.