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Bitcoin price started a new increase above the USD 64,750 resistance. BTC is now consolidating near $65,000 and may remain supported.
- Bitcoin consolidates gains near the $65,000 zone.
- The price is trading above USD 64,200 and the 100 hourly Simple Moving Average.
- A short-term contracting triangle is forming with resistance at $65,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise again if there is a clear move above the $65,250 resistance zone.
Bitcoin price regains strength
Bitcoin price remained supported around the USD 62,650 level. BTC formed a base and started a new rise above the USD 63,500 resistance zone. It gained pace for a move above the USD 64,200 resistance zone.
The bulls even pumped the price above $65,000. It reached a high at $65,764 and the price is now consolidating gains. There was a small decline below the USD 65,200 level. The price fell below the 23.6% Fib retracement level of the upward move from the $62,673 swing low to the $65,764 high.
Bitcoin is now trading above $64,500 and the 100 hourly Simple Moving Average. If a new increase occurs, the price may encounter resistance near the USD 65,250 level. A short-term contracting triangle is also forming with resistance at $65,250 on the hourly chart of the BTC/USD pair.
The first major resistance is around the $65,500 level. A clear move above the USD 65,500 resistance could push the price higher. The next major resistance could be $66,200. A close above the $66,200 resistance could provide more upside. In the said case, the price might rise and test the USD 67,500 resistance level.
Another drop in BTC?
If Bitcoin fails to rise above the USD 65,250 resistance zone, it could continue to decline. The immediate downside support is near the $64,850 level.
The first major support is near the $63,850 level and the 61.8% Fib retracement level of the upward move from the $62,673 swing low to the $65,764 high. The next support is now near the $63,500 zone. Any further losses could send the price towards the USD 62,650 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – $64,850, followed by $63,850.
Major resistance levels – $65,250 and $65,500.
