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The price of Bitcoin is once again rising above the resistance of $63,800. BTC can gain momentum if it clears the resistance area of ​​$64,750 and then $65,000.
- Bitcoin is aiming for further gains above the $64,800 area.
- The price is trading above $63,650 and the 100 hourly simple moving average.
- There was a break above the short-term contract triangle with resistance at $63,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend gains if it breaks the $64,750 resistance area.
Bitcoin Price May Exceed $65,000
The price of Bitcoin started another rise from the $62,500 area. BTC managed to clear the resistance levels of $63,500 and $63,800. The bulls even pushed the price to the $64,750 level.
There was a break above the short-term contract triangle with resistance at $63,750 on the hourly chart of the BTC/USD pair. The high was built at $64,770 and the price is now adjusting for gains. There was a decline below the $64,600 and $64,400 support levels.
The price dropped below the 23.6% Fib retracement level of the upward move from the swing low of $62,761 to the high of $64,770. Bitcoin is now trading above $63,800 and the 100-hour simple moving average.
If there is a new increase, the price may face resistance near the $64,750 level. The first key resistance is near the $65,000 level. A clear move above the $65,000 resistance could send the price higher. The next key resistance would be $65,500. A close above the $65,500 resistance could trigger further upside. In the mentioned case, the price could rise and test the resistance of $66,800.
Another Decline in BTC?
If Bitcoin fails to rise above the resistance area of ​​$64,750, it can continue to decline. Immediate support on the downside is near the $63,750 level and the 50% Fib retracement level to the upside from the $62,761 swing low to $64,770 high.
The first major support is near the $63,250 level. The next support is now near the $62,500 area. Another loss could send the price to the $61,200 support in the near term.
Technical indicators:
Hourly MACD – MACD is now gaining momentum in bullish territory.
Hourly RSI (Relative Strength Index) – RSI for BTC/USD is now above the 50 level.
Major Support Levels – $63,750, followed by $62,500.
Large Objection Levels – $66,750, and $65,000.