Bitcoin prices recovered their losses and rose above $65,000 to USD. BTC should rise to $66,350 in order for a rally to begin.
- Bitcoin began a new rise from its $62,500 support area.
- The price traded at $65,000. This is in addition to the 100-hourly simple moving Average.
- A break occurred above a major bearish trend line, with resistance close to $65,000 in the hourly chart for the BTC/USD pair. (Data feed from Kraken).
- If the pair closes above $66,000, it could trigger a new increase.
Bitcoin Price Faces Resistance
The Bitcoin price was well above the $62,500 mark. BTC experienced a sharp increase in price above $64,000 resistance. The clear breakout occurred above the $65,000 resistance zone and the 100-hourly simple moving average.
A break was also seen above the key bearish trendline with resistance at $65,000, on the hourly charts of BTC/USD. This pair has risen above 50% Fib resistance level, which is the primary decline from $68,762 swing high and $62,300 bottom.
The $66,000 level is the immediate resistance. Near the $66,400 mark is the first significant resistance. The 61.8% Fib level is very close. This level represents the principal decline of $68,762 from its high at $62,300 to its low at $62,300.
Source: BTCUSD from TradingView.com
The doors to a new increase could open if the price breaks through $66,350. Near the $68,000 resistance, the bears could take a stand. The $67,250 mark could be a potential intermediate resistance.
BTC – A New Decline
Bitcoin could begin a new downside correction if it fails to break the $66,350 resistance level. The $65,200 level is an immediate support for the downside.
Near the $65,000 support level, and near the broken trend line is the first major support. Price could fall further towards $64,500 if it suffers more losses. Near the $64,000 support level is the next significant support. Below that, the price may even fall below the $63,500 support area.
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.
Major Support Levels – $65,200, followed by $65,000.
Major Resistance Levels – $66,000, $66,350 and $68,000.