The price of Bitcoin continued to rise and surpassed the $66,000 resistance level. BTC is now displaying positive indicators and could attract buyers around the $65,500 mark.
Bitcoin surged above the $65,500 resistance area, now trading above both $65,500 and the 100 hourly Simple Moving Average. On the hourly chart of the BTC/USD pair sourced from Kraken, a crucial bullish trend line is emerging with support at $65,700. While there might be a correction downwards, bulls are likely to stay active around the $65,500 support level.
Bitcoin Price Analysis: Bullish Momentum Continues
Bitcoin’s price has initiated a fresh upward movement, surpassing key resistance levels at $64,500, $65,000, and even $66,000. Bulls successfully drove the price to a new weekly high at $67,200, where it is presently consolidating its gains.
Currently, the price is gradually retracing lower towards the 23.6% Fibonacci retracement level of the upward move from the $64,281 swing low to the $67,200 high. Nevertheless, Bitcoin remains above $65,500 and the 100-hourly Simple Moving Average.
Furthermore, a significant bullish trend line is forming with support at $65,700 on the hourly chart of the BTC/USD pair. This trend line coincides with the 50% Fibonacci retracement level of the upward move from the $64,281 swing low to the $67,200 high.
In terms of resistance, the immediate barrier lies near the $67,000 level, followed by the first major resistance at $67,200. Beyond that, the next resistance zone stands at $68,500. A clear breakthrough above this level could sustain the upward momentum, with potential further gains towards $70,000.
Source: BTCUSD on TradingView.com
Looking ahead, the next major resistance level is anticipated near the $70,500 zone. Any additional upward movement could propel Bitcoin towards the $72,000 resistance area in the short term.
Bitcoin Price Forecast: Potential Correction Ahead
If Bitcoin fails to break above the $67,000 resistance zone, it may initiate a downside correction. Immediate support is expected around the $66,500 level.
The first major support zone lies at $65,700, corresponding to the trend line. A close below $65,500 could signal further downward movement towards $65,000. Additional losses might push the price towards the $64,200 support area in the near term.
Technical Indicators
- Hourly MACD: The MACD is currently showing a slowdown in bullish momentum.
- Hourly RSI (Relative Strength Index): The RSI for BTC/USD is presently above the 50 level, indicating positive momentum.
Key Support Levels: $66,500, followed by $65,500.
Key Resistance Levels: $67,000, $67,200, and $68,500.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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