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Bitcoin price is once again rising above the USD 63,800 resistance. BTC could gain momentum if it breaks the USD 64,750 and then USD 65,000 resistance zone.
- Bitcoin aims for more gains above the $64,800 zone.
- The price is trading above USD 63,650 and the 100 hourly Simple Moving Average.
- There was a break above a short-term contractual triangle at resistance at $63,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend gains if it breaks the $64,750 resistance zone.
Bitcoin price could cross $65,000
Bitcoin price started to rise again from the $62,500 zone. BTC was able to break the USD 63,500 and USD 63,800 resistance levels. The bulls even pushed the price towards the USD 64,750 level.
There was a break above a short-term contractual triangle with resistance at $63,750 on the hourly chart of the BTC/USD pair. It reached a high at $64,770 and the price is now correcting gains. There was a decline below the USD 64,600 and USD 64,400 support levels.
The price fell below the 23.6% Fib retracement level of the upward move from the $62,761 swing low to the $64,770 high. Bitcoin is now trading above $63,800 and the 100 hourly Simple Moving Average.
If there is a fresh rise, the price could face resistance near the $64,750 level. The first major resistance is around the $65,000 level. A clear move above the USD 65,000 resistance could see the price rise. The next major resistance could be at USD 65,500. A close above the $65,500 resistance could provide more upside. In the mentioned case, the price could rise and test the USD 66,800 resistance.
Another drop in BTC?
If Bitcoin fails to rise above the USD 64,750 resistance zone, it could continue to decline. Immediate support on the downside is near the $63,750 level and the 50% Fib retracement level of the upward move from the $62,761 swing low to the $64,770 high.
The first major support is near the $63,250 level. The next support is now near the $62,500 zone. Any further losses could send the price towards the USD 61,200 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 63,750, followed by USD 62,500.
Major resistance levels – $66,750 and $65,000.