Bitcoin’s price continued to rise and broke through the resistance level of $66,000. BTC now shows positive signals and could find bids around $65,500.
- Bitcoin has made a strong move to the north of $65,500.
- Price is above the Simple Moving Average of 100 hours and $65,500.
- The hourly chart for the BTC/USD pairs shows a bullish line with a major support of $65,700. (Data feed by Kraken)
- Bulls could remain near $65,500, although the pair may correct lower.
Bitcoin Prices Gain Strength
Bitcoin Price started at a fresh increase The price is now above $64,500 and 65,000. BTC bulls have even driven the price over the $66,000 barrier. This cryptocurrency has traded at a weekly high of $67,000 and is consolidating gains.
Price is moving slowly lower towards the Fib 23.6% retracement of the move upwards from the swing low at $64,281 to the low price at $67,200. Bitcoin’s price remains above $65,500. 100 hourly Simple moving average.
A key bullish line is also visible on the BTC/USD hourly chart. It has a strong support of $65,700. The trend line lies near the 50% Fib level for the upswing from the swing-low of $64,281 to the low of $67200.
Near $67,000 is the immediate level of resistance. First major resistance may be at $67,200. The first major resistance could be $67,200. next Resistance is currently at $68,500. The price may continue to rise if there is an obvious move over the resistance level of $68,500. If the above scenario is true, then the price may rise to $70,000.
Source: BTCUSD on TradingView.com
You can also find out more about the following: next The major resistance zone is around the $72,500 area. Bitcoin could reach the $72,000 zone of resistance in the short term if it gains more.
Downside Correction In BTC?
Bitcoin could begin a correction to the downside if it fails to break through $67,000. The $66,500 support level is the immediate downside support.
The trendline or $65,700 is the first important support. Price could drop towards $65,000 if the close is below $65,500. In the short term, any further losses could send the price towards the $64,200 zone of support.
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 – $66,500, followed by $65,500.
Major Resistance Levels – $67,000, $67,200, and $68,500.
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