The bitcoin price has started to rise again above $64,750. BTC’s price is consolidating around $65,000. It could stay supported.
- Bitcoin consolidates gains around the $65,000 area.
- Price is above the Simple Moving Average of 100 hours and $64,200.
- On the hourly chart for the BTC/USD, there is a contracting triangle with resistance of $65,250 (data from Kraken).
- A clear movement above $65,250 could lead to another rise in the pair.
Bitcoin price gains strength
Bitcoin price remained supported The $62,650 threshold is in sight. BTC created a solid base above the $63,500 zone and began a new increase. It began to gain momentum for an increase above the $64,200 zone of resistance.
Bulls even drove the price to $65,000. The price has now reached a new high at $65,764. A minor drop was seen below $65,200. Price fell below the Fib level that represents the 23.6% retracement of the move upwards from the swing low at $62,673 to the high at $65,764.
Bitcoin now trades above $64,500 100 hourly Simple moving average. If there’s a new increase, then the price may face resistance around the $65,250 area. A short-term triangle with resistance of $65,250 is also visible on the hourly BTC/USD price chart.
First key resistance near $65,500. The price could move higher if it clears the resistance of $65,500. Another key resistance point could be at $66,200. The price could rise further if it closes over the $66,200 level. Price could test resistance at $67.500 in this case.
BTC to decline again?
Bitcoin may continue its downward trend if it does not rise above $65,250. The $64,850 area is the immediate support for the downside.
The $63,850 support level is the first significant level. It also represents the Fib retracement of the move upwards from the swing low at $62,673 to the high of $65,764. Now, the next major support zone is near the $63,500 area. If the market continues to fall, it could push the price down towards the support at $62,650 in the near future.
Indicators of 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 – $64,850, followed by $63,850.
Major Resistance Levels – $65,250, and $65,500.
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Source: www.newsbtc.com
