Bitcoin price tested the USD 65,000 support zone. BTC is now rising and attempting a new rise above the $70,000 resistance zone in the near term.
- Bitcoin price is showing some positive signs from the $65,000 zone.
- The price is trading below $70,000 and the 100 hourly Simple Moving Average.
- There was a break above a major bearish trendline with resistance at $67,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if it breaks the $70,000 resistance zone in the near term.
Bitcoin price holds support
Bitcoin price started a downward correction from the $73,500 zone. There was a steady decline below the $70,000 support zone and the bears pushed the price below $68,000.
Finally, the price tested the USD 65,000 support zone. A low was formed at $64,555 and the price is now trying to make a new increase. There was a move above the USD 66,500 resistance zone. The price climbed above the 23.6% Fib retracement level of the downward move from the $73,734 swing high to the $64,555 low.
There was also a break above a major bearish trendline with resistance at $67,100 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $70,000 and the 100 hourly Simple Moving Average.
Immediate resistance is near the $69,200 level or the 50% Fib retracement level of the downward move from the $73,734 swing high to the $64,555 low. The next major resistance could be at USD 70,000, above which the price could rise towards the USD 71,200 resistance zone.
Source: BTCUSD on TradingView.com
If there is a clear move above the USD 71,200 resistance zone, the price might even try to make a move above the USD 72,000 resistance zone. Any further gains could send the price towards the USD 73,500 level.
Lose more in BTC?
If Bitcoin fails to rise above the $70,000 resistance zone, it could trigger another decline. The immediate downside support is near the $67,000 level.
The first major support is $65,000. The main support is at $64,500. If there is a close below $64,500, the price may start falling towards the $63,500 level. Any further losses could send the price towards the $62,000 support zone.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 66,500, followed by USD 65,000.
Major resistance levels – $69,200, $70,000 and $71,200.
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