Bitcoin
What are the chances of another rise?
Bitcoin price struggled to extend gains above the $66,000 resistance level. BTC is consolidating and holding gains above the $63,500 zone.
- Bitcoin struggled to continue above the $66,000 resistance zone.
- The price is trading above $63,500 and the 100 hourly simple moving average.
- There is a bullish trend line forming with support at $64,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may continue to rise unless it breaks the $63,500 support zone.
Bitcoin Price Holds Gains. Can It Rise Again?
Bitcoin price remained in a bullish zone above the $63,500 and $63,800 resistance levels. BTC made another attempt to clear the $66,000 resistance zone. However, the bulls failed to extend the gains and the price started a downward correction.
There was a drop below the $65,000 and $64,500 levels. The price fell below the 50% Fibonacci retracement level of the upward move from the $62,465 low to $66,100 high.
It found support near the $63,850 zone and the 61.8% Fibonacci retracement level of the upward move from the $62,465 low to $66,100 high. There is also a key bullish trend line forming with support at $64,000 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading above $64,000 and the 100-hour simple moving average. If there is a fresh increase, the price may face resistance near the $65,000 level. The first key resistance is near the $66,000 level.
A clear move above the $66,000 resistance could trigger another rise in the coming sessions. The next key resistance could be $66,500. The next major hurdle lies at $67,200. A close above the $67,200 resistance could push the price further higher. In the stated case, the price could rise and test the $68,000 resistance.
More downsides to BTC?
If Bitcoin fails to climb above the $65,000 resistance zone, it could continue to decline. Immediate support on the downside is near the $64,000 level and the trendline.
The first major support is at $63,850. The next support is now near $63,500. Any more losses could send the price towards the $62,500 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now close to the 50 level.
Key support levels – $64,000, followed by $63,500.
Key resistance levels – $65,000 and $66,000.