Bitcoin price started a fresh recovery above the $65,500 resistance area. BTC is currently consolidating and it is likely to break the $68,000 resistance and continue higher.
Bitcoin price surges more than 8%
Bitcoin price continued to find support and started a fresh increase above the $65,500 resistance level. BTC broke the $66,500 resistance level and moved into a positive zone. The price even broke the $67,000 and $67,500 resistance levels.
Recently, there was a downside correction in the price to $64,500. A low was formed at $64,686 and the price increased again. The price broke the $66,500 resistance. The price climbed above the 50% Fibonacci retracement level of the downside correction from the $67,871 swing high to $64,686 low.
Bitcoin price is currently trading above $66,000 and the 100 hourly simple moving average. There is also a connecting bullish trend line formed with support at $66,400 on the hourly chart of the BTC/USD pair.
On the upside, the price is likely to face resistance near $67,400. The first key resistance is near $67,800. If there is a clear break above the $67,800 resistance, the price is likely to rise further. The next key resistance is likely to be $68,800.
BTC drops again?
If bitcoin fails to clear the $67,800 resistance zone, it could decline again. An immediate support on the downside is near $66,400 and the trend line.
The first major support is near the $65,500 level. The next support is currently near the $64,500 area. If the price declines further, it could drop to the $63,200 support level in the near term.
Technical indicators:
Hourly MACD – The MACD is currently accelerating in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
The main support level – $66,400, followed by $65,500.
Major Resistance Levels – $67,800 and $68,800.
