Bitcoin price rose more than 10% and broke the USD 64,000 resistance level. BTC is showing positive signs and could try to move above the USD 65,000 level.
- Bitcoin gained bullish momentum above the USD 63,500 resistance zone.
- The price is trading above USD 63,500 and the 100 hourly Simple Moving Average.
- A major bullish trendline is forming with support at $62,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if it breaks the $65,000 resistance.
Bitcoin Price Rises 10%
Bitcoin price started a major rise above the USD 61,500 and USD 62,000 resistance levels. BTC even managed to overcome the resistance at $63,500 to move further into a positive zone. The bulls pushed the price towards the $65,000 zone.
It reached a high at $64,900 and the price is now consolidating gains. It is trading well above the 23.6% Fib retracement level of the upward move from the $62,320 swing low to the $64,900 high. A major bullish trendline is also forming with support at $62,200 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading above $64,000 and the 100 hourly Simple Moving Average. If there is an upside continuation, the price may encounter resistance near the $64,800 level. The first major resistance is around the $65,000 level.
A clear move above the USD 65,000 resistance could trigger a decent upside in the coming sessions. The next major resistance could be $66,200. The next big hurdle is at $66,500. A close above the USD 66,500 resistance could trigger a steady rise and send the price higher. In the mentioned case, the price could rise and test the USD 67,000 resistance.
Are dips limited in BTC?
If Bitcoin fails to climb above the $65,000 resistance zone, a downward correction could occur. The immediate downside support is near the USD 64,250 level.
The first major support is $63,650 and the 50% Fib retracement level of the upward move from the $62,320 swing low to the $64,900 high. The next support is now near $62,500. Any further losses could send the price towards the $61,500 support zone in the near 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 64,250, followed by USD 63,650.
Major resistance levels – $65,000 and $66,200.