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Bitcoin price started a new rise above the $64,750 resistance. BTC now covers around $65,000 and may remain supported.
- Bitcoin is consolidating gains near the $65,000 area.
- The price is trading above $64,200 and the moving average is 100 per hour.
- There is a short-term contract triangle forming with resistance at $65,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair can start another rise if there is a clear movement above the $65,250 resistance area.
Bitcoin Price Gains Strength
Bitcoin price remained supported near the $62,650 level. BTC formed a base and started a new increase above the $63,500 resistance area. It gained momentum to move above the $64,200 resistance area.
The bulls even raised the price above $65,000. The top is built at $65,764 and the price now includes benefits. There was a slight decline below the $65,200 level. The price dropped below the 23.6% Fib retracement level of the upward move from the swing low of $62,673 to the high of $65,764.
Bitcoin is now trading above $64,500 and the 100-hour simple moving average. If there is a new rally, the price may face resistance near the $65,250 level. There is also a short-term contract triangle forming with resistance at $65,250 on the hourly chart of the BTC/USD pair.
The first key resistance is near the $65,500 level. A clear move above the $65,500 resistance could send the price higher. The next key resistance would be $66,200. A close above the $66,200 resistance could trigger further upside. In the mentioned case, the price could rise and test the resistance level of $67,500.
Another Decline in BTC?
If Bitcoin fails to rise above the $65,250 resistance area, it could continue to decline. Immediate support on the downside is near the $64,850 level.
The first major support is near the $63,850 level and the 61.8% Fib retracement level of the move from the $62,673 swing low to the $65,764 high. The next support is now near the $63,500 area. Another loss could send the price to the $62,650 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 – $64,850, followed by $63,850.
Grand Objection Levels – $65,250, and $65,500.