Bitcoin’s price has found support in the area of $63,500. BTC now shows positive signs and has risen above the $65,500 support zone.
- Bitcoin started to rise again above $65,000, where it had formed a solid base.
- Price is above the Simple Moving Average of 100 hours and $65,500.
- The hourly chart shows a breaking above a bearish trendline that has resistance at $66,000. (Data feed from Kraken)
- In the near term, the pair could accelerate upwards towards the $68,500-level.
Bitcoin Price Regains Strength and Jumps by 4%
Bitcoin continued to fall and fell below the $64,200 mark. BTC Bulls were also active in the vicinity of $64,200. $63,500 level. The price has recently begun to increase after a recent low of $63,427.
The price moved above the resistance levels of $64,500 and $65,000. The price rose above the Fib 50% retracement levels of the down move from the swing-high $68,240 low to the $63,427 high. On the hourly BTC/USD charts, we also saw a breakout above a bearish trend line that had resistance at $66,000.
Bitcoin is currently trading at a price of $65,500. 100 hourly Simple moving average. If the price rises, then it may face resistance at the level of $67,000 or the level where the Fib level 76.4% retracement the decline from the swing high $68,240 to the low $63,427.
Near the level of $67,500 is where you will find your first major resistance. Price could rise further in future sessions if the resistance level of $67,500 is clearly breached. Next key resistance might be $68,000. Next major obstacle is $68,500. Bullish movements could be sparked by a close above $68,500. The price may rise to test $70,000 as stated in the case.
BTC to decline again?
Bitcoin’s next decline could be triggered if the resistance level of $67,000 is not overcome. Support for Bitcoin’s immediate downside lies near the $66,400 mark and the 100 hourly Simple Moving average.
First, we need to raise $65,500. Now, the next major support lies near $65,000. In the short term, any further losses could send the price towards the support zone of $63,500.
The following are technical indicators.
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $66,400, followed by $65,500.
Major Resistance Levels – $67,000, and $68,000.
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Source: www.newsbtc.com
