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Bitcoin price is rising again above the $63,800 resistance level. Bitcoin may gain momentum if it surpasses the $64,750 resistance area and then $65,000.
- Bitcoin is targeting further gains above the $64,800 area.
- The price is trading above $63,650 and the 100-hour simple moving average.
- There was a break above a short-term contracting triangle with resistance at $63,750 on the hourly chart of the BTC/USD pair (data from Kraken).
- The pair may continue its gains if it breaks the $64,750 resistance zone.
Bitcoin price may exceed $65,000
Bitcoin price started rising again from the $62,500 area. Bitcoin managed to surpass the $63,500 and $63,800 resistance levels. The bulls even pushed the price towards the $64,750 level.
There was a break above a short-term contracting triangle with resistance at $63,750 on the hourly chart of the BTC/USD pair. A high was formed at $64,770 and the price is now correcting the gains. There was a decline below the $64,600 and $64,400 support levels.
The price fell below the 23.6% Fib retracement level of the upward move from the $62,761 low to $64,770 high. Bitcoin is now trading above $63,800 and the 100-hour simple moving average.
If a fresh increase occurs, the price may face resistance near the $64,750 level. The first major resistance is near the $65,000 level. A clear move above the $65,000 resistance level could lead the price higher. The next major resistance could be $65,500. A close above the $65,500 resistance level could lead to further increases. In the mentioned case, the price may rise and test the $66,800 resistance level.
Another Bitcoin Drop?
If Bitcoin fails to rise above the $64,750 resistance area, it could continue moving lower. 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 $64,770 swing high.
The first major support is near the $63,250 level. The next support is now near the $62,500 area. Any further losses could push the price towards the $61,200 support level in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining momentum in the bullish zone.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $63,750, followed by $62,500.
Key resistance levels – $66,750, $65,000.
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