Bitcoin price recovered and climbed above the USD 64,000 resistance zone. BTC is now facing hurdles near the USD 65,500 and USD 66,000 levels.
- Bitcoin is now struggling to pace a move above the $65,500 resistance zone.
- The price is trading above $64,000 and the 100 hourly Simple Moving Average.
- A major contracting triangle is forming with resistance at $65,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could spark another surge if it breaks the $65,500 resistance zone.
Bitcoin price starts to rise
Bitcoin price found support above $60,000 and started a new increase. BTC climbed above the USD 62,500 and USD 63,500 resistance levels. The bulls even pushed the price above the USD 65,000 level.
However, the bears seem to be active near the $65,500 zone. The recent high was reached at $65,598 and the price is now consolidating gains. There was a decline below the $65,000 level, but the price is still above the 23.6% Fib retracement level of the upward move from the $59,666 swing low to the $65,598 low.
Bitcoin price is trading above $64,000 and the 100 Hourly Simple Moving Average. The immediate resistance is near the $65,100 level. There is also a major contracting triangle forming with resistance at $65,100 on the hourly chart of the BTC/USD pair.
The first major resistance could be at $65,500. The next resistance is now at $66,000. If there is a clear move above the USD 66,000 resistance zone, the price may continue to rise. In the mentioned case, the price could rise to $67,500.
Source: BTCUSD on TradingView.com
The next major resistance is near the $68,500 zone. Any further gains could send Bitcoin towards the $70,000 resistance zone in the short term.
Downward correction in BTC?
If Bitcoin fails to rise above the USD 65,500 resistance zone, a downward correction could occur. The immediate downside support is near the USD 64,500 level.
The first major support is $64,000. If there is a close below $64,000, the price could start falling towards the 50% Fib retracement level of the upward move from the $59,666 swing low to the $65,598 low at $62,500. Any further losses could send the price towards the $61,200 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 approaching the 50 level.
Major support levels – USD 64,500, followed by USD 64,000.
Major resistance levels – $65,100, $65,500 and $66,000.
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