Bitcoin price started a fresh rally above the $64,500 resistance zone. BTC is currently consolidating and may struggle to break above the $66,400 resistance level.
Bitcoin has rallied more than 5% and is now facing a hurdle near the $66,400 level.
The price is trading above the $64,500 level and the 100 hourly simple moving average.
There is a short-term bullish trend line forming with support at $65,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could gain further ground if it closes above the $66,400 resistance zone.
Bitcoin price skyrockets more than 5%
Bitcoin price formed a base and started a fresh increase above the $62,500 resistance level. BTC broke above the $63,500 resistance level to move into positive territory. The price even rose above the $65,000 and $65,500 resistance levels.
Finally, the price stopped near the last major resistance level at $66,400. A high was formed at $66,398 and the price is currently consolidating the increase. There was a small decline below $66,000. The price is now approaching the 23.6% Fib retracement level of the upward wave from the $62,139 swing low to $66,398 high.
Bitcoin price is currently trading above $65,000 and the 100 hourly simple moving average. There is also a short-term bullish trend line forming with support at $65,400 on the hourly chart of the BTC/USD pair.
On the upside, the price could face resistance near the $66,000 level. The first major resistance is near the $66,400 level. A clear move above the $66,400 resistance level could push the price higher. The next major resistance could be at $66,850.
A close above the $66,850 resistance level could initiate more upside moves. In the above scenario, the price could rise and test the $67,500 resistance level. Any further upside move could take the price towards the $68,000 resistance level.
Another BTC Drop?
If Bitcoin fails to clear the $66,400 resistance zone, it could start another decline. Immediate support on the downside is near the $65,400 level and the trend line.
The first major support is near the $64,250 level or the 50% Fibonacci retracement level of the upward move from the $62,139 low to $66,398 high. The next support is now near the $63,500 area. Any further losses could push the price towards the $62,500 support in the near term.
Technical indicators:
Hourly MACD â The MACD is currently slowing down in the bullish zone.
Hourly Relative Strength Index (RSI) â The RSI for BTC/USD is currently above the 50 level.
Major support level â $65,400, followed by $64,250.
Major resistance levels â $66,000 and $66,400.
