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Bitcoin price started a new rally above the USD 64,500 resistance zone. BTC is now consolidating and could struggle to surpass the USD 66,400 resistance.
- Bitcoin is up over 5% and now faces hurdles near the $66,400 zone.
- The price is trading above USD 64,500 and the 100 hourly Simple Moving Average.
- A short-term bullish trendline is forming with support at $65,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise further if a close above the $66,400 resistance zone.
Bitcoin Price Rises Over 5%
Bitcoin price formed a base and started a new increase above the USD 62,500 resistance. BTC managed to overcome the resistance at $63,500 to move into a positive zone. The price even rose above the USD 65,000 and USD 65,500 resistance levels.
Ultimately, the price remained close to the last major resistance at $66,400. It reached a high at $66,398 and the price is now consolidating gains. There was a small decline below the $66,000 level. The price is now approaching the 23.6% Fib retracement level of the upwave from the $62,139 swing low to the $66,398 high.
Bitcoin price is now trading above $65,000 and the 100 hourly Simple Moving Average. A short-term bullish trendline is also forming with support at $65,400 on the hourly chart of the BTC/USD pair.
On the upside, the price could encounter resistance near the USD 66,000 level. The first major resistance is near the $66,400 level. A clear move above the USD 66,400 resistance could push the price higher. The next major resistance could be $66,850.
A close above the resistance at $66,850 could lead to more gains. In the said case, the price might rise and test the USD 67,500 resistance level. Any further gains could send the price towards the USD 68,000 resistance level.
Another drop in BTC?
If Bitcoin fails to rise above the USD 66,400 resistance zone, it could trigger another decline. The immediate downside support is near the $65,400 level and the trendline.
The first major support is near the $64,250 level or the 50% Fib retracement level of the upward wave from the $62,139 swing low to the $66,398 high. The next support is now near the $63,500 zone. Any further losses could send the price towards the USD 62,500 support in the short 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 – USD 65,400, followed by USD 64,250.
Major resistance levels – $66,000 and $66,400.
