Bitcoin price remained supported, ha started a new increase above the resistance of $65,500 and surpassed the $66,500 resistance to enter a positive zone. The price even rose above the $67,000 and $67,500 resistance levels.
Recently, there was a downward correction to $64,500. A low has formed at $64,686 and the price is rising again. There was a move above the $66,500 resistance. The price rose above the 50% Fibonacci retracement level of the downward correction from the swing high of 67,871 dollars to the low of 64,686 dollars.
The price of Bitcoin is now trading above $66,000 and the 100 hourly simple moving average. There is also a connecting bullish trend line forming with support at $66,400 on the hourly chart of the BTC/USD pair.
On the upside, the price could face resistance near the $67,400 level. The first key resistance is near the $67,800 level. A clear move above this resistance could push the price higher. The next key resistance it could be $68,800.
A close above the $68,800 resistance could initiate further gains. In the case stated, the price it could rise and test the $69,500 resistance level. Further gains could push the price towards the $70,000 resistance level.
Another drop for Bitcoin?
Se Bitcoin fails to overcome the $67,800 resistance zoneanother decline could begin. Immediate downside support is near the $66,400 level and the trend line.
The first Major support is near the $65,500 level. The next support is now near the $64,500 zone. Further losses could push the price towards the $63,200 support in the near term.
Source: Newsbtc
