Bitcoin price struggled to continue rising above the $66,000 resistance level. BTC is consolidating and holding gains above the $63,500 zone.
- Bitcoin failed to continue its growth above the $66,000 resistance zone.
- The price is trading above $63,500 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a key bullish trend line forming with support at $64,000.
- The pair may continue to rise if it does not break through the $63,500 support zone.
Bitcoin Price Continues to Rise. Can It Rise Again?
Bitcoin price remained in the bullish zone above the resistance levels of $63,500 and $63,800. BTC made another attempt to break the resistance zone of $66,000. However, the bulls were unable to extend the growth, and the price began a downward correction.
There was a drop below the $65,000 and $64,500 levels. The price dropped below the 50% Fibonacci retracement level of the upward move from the swing low of $62,465 to the high of $66,100.
It found support near the $63,850 zone and the 61.8% Fibonacci retracement level of the uptrend from the $62,465 swing low to $66,100 high. There is also a key bullish trendline forming with support at $64,000 on the hourly chart of the BTC/USD pair.
Bitcoin price is currently trading above $64,000 and the 100-hour simple moving average. If there is a new rally, the price may face resistance near the $65,000 level. The first key resistance is near the $66,000 level.
A clear break above the $66,000 resistance could trigger another rally in the coming sessions. The next key resistance could be $66,500. The next major hurdle is at $67,200. A close above the $67,200 resistance could push the price even higher. In this case, the price could rally and test the $68,000 resistance.
More BTC Disadvantages?
If Bitcoin fails to rise above the $65,000 resistance zone, it may continue to move lower. Immediate support on the downside is near the $64,000 level and the trend line.
The first major support is $63,850. The next support is now around $63,500. Any further losses could send the price towards the $62,500 support zone in the near future.
Technical indicators:
Hourly MACD – MACD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently near the 50 level.
The main support levels are $64,000, then $63,500.
The main resistance levels are $65,000 and $66,000.
