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Bitcoin price gained momentum and tested the $65,000 resistance level. Bitcoin must clear the $65,000 level to continue rising in the near term.
- Bitcoin started a steady rise above the $63,000 area.
- The price is trading above the $63,500 level and the 100-hour simple moving average.
- A major bullish trend line is forming with support at $63,450 on the hourly chart of the BTC/USD pair (data from Kraken).
- The pair may attempt to make a fresh high if it breaks the $65,000 resistance zone.
Bitcoin Price Looks For More Gains
Bitcoin price remained stable above the $60k pivot level. Bitcoin formed a base and started steady increase Above $62,000 resistance zone. The price rose above the $63,200 and $63,500 resistance levels.
Finally, bears appeared near the resistance area at $65,000. A top was formed at $64,950 and now the price is consolidating its gains. There was a slight decline below the $64,500 level. The price tested the 23.6% Fib retracement level of the upward move from the $58,572 low to $64,950 high.
Bitcoin is now trading above $63,200 and 100 hour simple moving averageThere is also a major bullish trend line forming with support at $63,450 on the hourly chart of the BTC/USD pair.
On the upside, the price could face resistance near the $64,500 level. The first major resistance is near the $65,000 level. A clear move above the $65,000 resistance could push the price higher in the coming sessions. The next major resistance could be at $65,500.
A close above the $65,500 resistance level could lead to further gains. In the mentioned case, the price could rally and test the $67,200 resistance level.
Another Bitcoin Drop?
If Bitcoin fails to rise above the $65,000 resistance area, it could start a downside correction. Immediate support on the downside is near the $63,800 level.
The first major support is $63,500. The next support is now near the $62,800 area. Any further losses could push the price towards the $61,750 support area or the 50% Fib retracement level of the upside move from the $58,572 swing low to $64,950 high in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing momentum in the bullish zone.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $63,800, followed by $63,500.
Key resistance levels – $64,500, $65,000.
