Bitcoin price tested the $65,200 zone before the bulls appeared. BTC is now rising and targeting more gains above the USD 67,500 resistance.
- Bitcoin extended losses and tested the $65,200 zone.
- The price is trading below $67,500 and the 100 hourly Simple Moving Average.
- There was a break above a key bearish trendline with resistance at $66,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if it breaks the $67,500 resistance zone.
Bitcoin price starts to rise again
Bitcoin price extended its downside correction below the USD 66,500 level. There was a move below the USD 66,000 and USD 65,500 levels. The price even tested the USD 65,200 support zone.
A low was formed at $65,199 and the price is rising again. There was a clear move above the USD 66,500 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $69,425 swing high to the $65,199 low. Additionally, there was a break above a key bearish trendline with resistance at $66,800 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading below $67,500 and the 100 hourly Simple Moving Average. On the upside, the price could face resistance near the $67,300 level or the 50% Fib retracement level of the downward move from the $69,425 swing high to the $65,199 low.
The first major resistance is around the $67,500 level. A clear move above the USD 67,500 resistance could push the price higher. The next major resistance could be at USD 68,000.
A close above the $68,000 resistance could lead to more gains. In the said case, the price could rise and test the USD 69,200 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 67,500 resistance zone, it could trigger another decline. The immediate downside support is near the USD 66,500 level.
The first major support is near the $66,200 level. The next support is now near the $66,000 zone. Any further losses could send the price towards the USD 65,200 support in the near 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 66,500, followed by USD 66,200.
Major resistance levels – $67,500 and $68,000.
