Bitcoin price started a new rally above the $65,500 resistance area. BTC is now consolidating and may cross the $68,000 resistance level to continue higher.
- Bitcoin price has risen by more than 7% and is now showing a lot of positive signs.
- The price is trading above $66,500 and the 100 hourly simple moving average.
- There is a solid uptrend line 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 there is a close above the $68,000 resistance area.
Bitcoin price rises by more than 8%
Bitcoin price remained supported and started a new increase above the $65,500 resistance level. BTC crossed the $66,500 resistance level to move into positive territory. The price even rose above the $67,000 and $67,500 resistance levels.
Recently, there was a downward correction to $64,500. The low was formed at $64,686 and the price is rising again. There was a move above the $66,500 resistance level. The price rose above the 50% Fibonacci retracement level of the downside correction from the swing high at $67,871 to the swing low at $64,686.
Bitcoin price is now trading above $66,000 and the 100 hourly simple moving average. There is also a solid uptrend line forming with support at $66,400 on the hourly chart of the BTC/USD pair.
On the upside, the price may face resistance near the $67,400 level. The first major resistance is near the $67,800 level. A clear move above the $67,800 resistance level could send the price higher. The next major resistance could be $68,800.
A close above the $68,800 resistance could lead to further gains. In the mentioned case, the price may rise and test the $69,500 resistance level. Any further gains may push the price towards the $70,000 resistance level.
Another drop in BTC?
If Bitcoin fails to rise above the $67,800 resistance area, it could start another decline. Immediate support on the downside is near the $66,400 level and trend line.
The first major support is near the $65,500 level. The next support is now near the $64,500 area. Any further losses could send the price towards the $63,200 support level 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.
Key Support Levels – $66,400, followed by $65,500.
Key resistance levels – $67,800 and $68,800.
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