Bitcoin price extended its rise above the USD 64,000 resistance. BTC is now holding gains above $62,800 and could aim for more upside.
- Bitcoin traded to a new weekly high at $65,500 before a downward correction occurred.
- The price is trading above USD 63,500 and the 100 hourly Simple Moving Average.
- A major bullish trendline is forming with support at $63,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could aim for more upside if it overcomes the USD 64,500 and USD 65,500 resistance levels.
Bitcoin price aims higher
Bitcoin price remained well above the USD 62,500 support zone and extended its gains. BTC was able to clear the resistance at USD 64,500. In fact, it made $65,000 and tested $65,500.
It reached a high at $65,550 and the price is now correcting gains. There was a small decline below the $64,000 level. The price tested the 23.6% Fib retracement level of the upward move from the $56,380 swing low to the $65,550 high.
However, the bulls are active near the $63,000 zone. A major bullish trendline is also forming with support at $63,350 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading above $63,000 and the 100 hourly Simple Moving Average. The immediate resistance is near the $64,500 level. The first major resistance could be at $65,000. The next major resistance could be at USD 65,500.
Source: BTCUSD on TradingView.com
A clear move above the USD 65,500 resistance could push the price higher. The next resistance is now at $67,200. If there is a clear move above the USD 67,200 resistance zone, the price could continue to rise. In the mentioned case, the price could rise to $68,800.
Another drop in BTC?
If Bitcoin fails to rise above the USD 65,500 resistance zone, it could trigger another decline. The immediate downside support is near the $63,350 level and the trendline.
The first major support is at $62,800. If there is a close below $62,800, the price could start falling towards the 50% Fib retracement level of the upward move from the $56,380 swing low to the $65,550 high at $60,800. Any further losses could send the price towards the $60,000 support zone in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now approaching the 50 level.
Major support levels – USD 63,350, followed by USD 62,800.
Major resistance levels – $64,500, $65,000 and $65,500.
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