The price of Bitcoin started a decent rise above $66,000. BTC is now consolidating above $66,000 and could aim for gains above $67,200.
- Bitcoin started a new rally after breaking above the $65,500 support.
- The price is less than $67,000 and a simple movement average of 100 hours.
- There is a bearish trendline with resistance at $67,000 on the hourly chart of the BTC/USD pair (data provided by Kraken).
- If it trades above the $65,500 and $65,000 levels, the pair may decline again.
Bitcoin price faces key resistance
Bitcoin price managed to make a base above the $63,500 zone. BTC started a new rally and managed to break through the $64,500 resistance zone.
The price even rose above the $67,000 resistance. Finally, bears emerged near $68,000. A high was formed at $68,180 and the price has recently corrected some gains. Below the 50% Fib retracement level, there was a move above $63,030 to $68,181.
Bitcoin is currently trading above $67,000 and above the 100 hourly simple moving average. If the price remains stable above $65,000, it may attempt a new rally. Immediate resistance is near the $67,000 level. There is also a bearish trendline with resistance at $67,000 on the hourly chart of the BTC/USD pair.
The first key resistance is near the $68,200 level. A close to the $68,200 resistance could push the price higher. In this case, the price may rise and test the $69,500 resistance. Any further gains could send the price to the $70,000 level. The next hurdle for bulls could be $70,500 and $71,200.
Continued Negative BTC?
If Bitcoin fails to break above the $67,000 resistance zone, it may start another decline. Immediate support is near the $65,500 level. The first major support is near the $65,000 level or the 61.8% Fib retracement level of the move up from $63,030 to $68,181.
The next support is now near the $64,250 area. Any further losses could send the price towards the $64,000 support in the near future. Key support is now at $63,000, below which BTC may recover in the near term.
Technical indicators:
Hourly MACD – MACD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
The main support level is $65,500, followed by $65,000.
Key resistance levels are $67,000 and $68,200.
