Bitcoin price tested the $65,200 area before the bulls appeared. BTC is now rising and aiming for a further rise above the $67,500 resistance.
- Bitcoin extended losses and tested the $65,200 area.
- The price is trading below $67,500 and the simple 100 hourly moving average.
- There was a break above the main bearish line against $66,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair can get bullish momentum if it clears the $67,500 resistance area.
Bitcoin Price Begins New Rise
Bitcoin price extended its lower correction below the $66,500 level. There was a move below the $66,000 and $65,500 levels. The price even tested the $65,200 support area.
The base model is $65,199 and the price goes up as well. There was a clear move above the $66,500 level. The price rose above the 23.6% Fib retracement level of the low from $69,425 swing high to low of $65,199. Besides, there was a break above the main bearish line against $66,800 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading below $67,500 with a moving average of 100 per hour. On the other hand, the price may face resistance near the $67,300 level or the 50% Fib retracement level to the downside from the $69,425 swing high to the $65,199 low.
The first key resistance is near the $67,500 level. A clear move above the $67,500 resistance could send the price higher. The next key resistance would be $68,000.
A close above the $68,000 resistance could trigger further gains. In the mentioned scenario, the price could rise and test the resistance level of $69,200. Any further gains could send the price to the $70,000 resistance level.
Another Decline in BTC?
If Bitcoin fails to rise above the $67,500 resistance area, it could start another decline. Immediate support on the downside is near the $66,500 level.
The first major support is near the $66,200 level. The next support is now near the $66,000 area. Another loss could send the price to the $65,200 support in the near term.
Technical indicators:
Hourly MACD – MACD is now losing momentum in bullish territory.
Hourly RSI (Relative Strength Index) – RSI for BTC/USD is now above the 50 level.
Major Support Levels – $66,500, followed by $66,200.
Large Objection Levels – $67,500, and $68,000.
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