Bitcoin prices recovered their lost ground and the exchange rate against the U.S. dollar climbed above $65,000. BTC must climb above the $66,350 area to start a new rebound in the short term.
- Bitcoin started a new rise from the support area of $62,500.
- The price is now above $65,000 and the 100-hour simple moving average.
- The key bearish trend line was broken on the hourly chart of the BTC/USD currency pair, with resistance near $65,000 (data feed from Kraken).
- If the closing price is significantly higher than $66,000, the currency pair may start a new rise.
Bitcoin price faces resistance
Bitcoin price is approaching 62,500 USD areaAs a result, BTC started a new rise above the resistance level of $64,000. The resistance level of 65,000 USD and the 100-hour simple moving average were clearly broken.
In addition, on the hourly chart of the BTC/USD currency pair, the key bearish trend line was broken, and the resistance is near 65,000 USD. The currency pair climbed above the 50% Fibonacci retracement level of the main decline, falling from a swing high of $68,762 to a low of $62,300.
On the bright side, the immediate resistance is near $66,000.first Main resistance Close to the level of $66,400. It is close to the 61.8% Fibonacci retracement of the main decline, falling from a swing high of $68,762 to a low of $62,300.
Source: BTCUSD on TradingView.com
A clear break of the resistance level of $66,350 may open the door for new gains. The next major resistance is near $68,000, where bears may gain a foothold. The middle resistance for the bulls may be around $67,250.
BTC new drop?
If Bitcoin fails to break the resistance zone of $66,350, it may start a new downward correction. The immediate downside support is near $65,200.
Now the first major support level is formed near the $65,000 and breakout trend line. Any more losses may cause the price to rise to the level of $64,500. The next major support is near the $64,000 level. Below this level, the price may even fall below the $63,500 support zone.
Hourly MACD – 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.
The main support level is – 65,200 USD and then 65,000 USD.
The main resistance levels – 66,000 USD, 66,350 USD and 68,000 USD.