CoinDesk reports:
Bitcoin’s price has risen by over 15%, breaking through the $65,000 resistance level. BTC still shows positive signs and may attempt to break the $66,000 level.
Bitcoin extends gains above the $65,000 resistance area.
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Price above $64,500 and the 100-hour simple moving average.
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On the hourly chart of the BTC/USD pair, a crucial bullish trend line has formed, with support at $63,850 (data feed from Kraken).
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If the $66,000 resistance level is breached, the pair may continue to rise.
Bitcoin price continues its uptrend, bulls in action
Bitcoin’s price remains in a bullish area above the $62,500 and $63,500 resistance levels. BTC could break above $64,000 to extend its gains. Bulls may even push the price higher towards the $66,000 area.
A high was formed at $66,100, and the price is now consolidating gains. Its trading price is well above the 23.6% Fibonacci retracement level from the swing low of $62,466 to the high of $66,100. On the hourly chart of the BTC/USD pair, there is another crucial bullish trend line with support at $63,850.
Bitcoin’s price is currently trading above $64,500 and the 100-hour simple moving average. If it continues to move higher, the price may face resistance near $66,000. The first key resistance level is near $66,500.
A clear break above the $66,500 resistance level could trigger more bullish momentum in the coming trading days. The next key resistance level could be $67,200. The next major hurdle is at $68,000. Closing above the $68,000 resistance level could further propel the price higher. In that case, the price may rise and test the $70,000 resistance level.
Is BTC vulnerable to a decline?
If Bitcoin fails to climb above the $66,000 resistance area, it could start a downward correction. The immediate support level is near $66,000.
The first major support level is $64,250, followed by the 50% Fibonacci retracement level from the swing low of $62,466 to the high of $66,100. The next support level is now at $63,650 and near the trend line. Any further losses could push the price towards the $62,500 support area in the short term.
Technical Indicators:
Hourly MACD – The MACD is now accelerating in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – $64,250, followed by $63,850.
Major resistance levels – $66,000 and $67,200.
