Bitcoin price started a new rally above $ 65,000 against the US dollar. BTC is showing positive signs and could continue to climb towards $ 70,000.
- Bitcoin began another spike above the $ 62,500 and $ 63,500 resistance levels.
- The price is now trading above $ 65,000 and the 100-hour simple moving average.
- The hourly chart of the BTC / USD pair (data feed from Kraken) broke through a large bearish trendline with resistance near $ 61,550.
- The pair could accelerate further once it closes above $ 66,000.
Bitcoin price gains pace
Bitcoin price remained bid well above the USD 60,000 support zone. As a result, BTC started a new rally above the USD 62,500 and USD 63,500 resistance levels.
The bulls even pumped the price above the $ 65,000 level and the 100-hour simple moving average. The hourly chart for the BTC / USD pair also broke through a large bearish trendline with resistance near $ 61,550.
The pair gained pace for a move above the $ 65,500 mark. A high is formed at $ 65,681 and the price is now consolidating gains.
Bitcoin is trading well above the 23.6% Fib retracement level of the move up from the low of $ 60,129 to the high of $ 65,681. On the flip side, there is immediate resistance near the $ 65,500 mark. The first major resistance is near the $ 66,000 mark.
Source: BTCUSD on TradingView.com
A sharp break above the USD 66,000 resistance could potentially open the doors to another rally. The next major resistance is near the $ 68,500 mark. Further gains could drive the price towards the $ 70,000 mark.
Dips Limited in BTC?
If Bitcoin fails to break the USD 66,000 resistance zone, a new downside correction could occur. Immediate support on the downside is near the $ 64,500 mark.
The first major support is now forming near the $ 63,000 mark. It is near the 50% Fib retracement level of the move up from the low of $ 60,129 to the high of $ 65,681. A sharp close below the $ 63,000 support could open the doors for a move towards the $ 62,500 level. The main roadside assistance is at $ 61,200 and the 100-hour SMA, below which price could accelerate losses.
Hourly MACD – The MACD is slowly losing pace in the upward zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is now in the overbought territory.
Major Support Levels – $ 64,500, followed by $ 63,000.
Main Resistance Levels – $ 65,500, $ 66,000, and $ 68,500.