Bitcoin price rose and tested the $66,500 zone. BTC is now consolidating gains and could attempt another increase to $67,500.
- Bitcoin entered a consolidation phase from the USD 66,500 resistance zone.
- The price is trading above $65,000 and the 100 hourly Simple Moving Average.
- A major bullish trendline is forming with support at $65,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise again unless the bears push it below $63,800.
Bitcoin price remains supported
Bitcoin price formed a base and started a new increase above the USD 63,500 level. BTC even managed to overcome the USD 65,500 resistance and tested the USD 66,500 region. A new weekly high was made at $66,565 and the price is now consolidating gains.
There was a small decline below the $66,000 level. The price fell below the 23.6% Fib retracement level of the upward move from the $61,073 swing low to the $66,565 high.
Bitcoin price is now trading above $65,000 and the 100 hourly Simple Moving Average. A major bullish trendline is also forming with support at $65,150 on the hourly chart of the BTC/USD pair. The immediate resistance is near the $65,600 level.
The first major resistance could be at $66,000. The next major resistance could be at USD 66,500. A clear move above the USD 66,500 resistance could push the price higher. In the mentioned case, the price could rise and test the USD 67,200 resistance.
If the bulls remain in action, the price could rise towards the USD 68,000 resistance zone. Any further gains could send BTC towards the $70,000 mark.
Another drop in BTC?
If Bitcoin fails to climb above the $66,000 resistance zone, it could continue to decline. The immediate downside support is near the $65,150 level and the trendline.
The first major support is at $64,200. Key support now forms near $63,800 or the 50% Fib retracement level of the upward move from the $61,073 swing low to the $66,565 high. Any further losses could send the price towards the $63,150 support zone 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 – USD 65,150, followed by USD 63,800.
Major resistance levels – $66,000, $66,500 and $67,200.