Home CryptocurrencyAnalysis Bitcoin Price Nears Breakout, Can BTC Break Above $66,000?

Bitcoin Price Nears Breakout, Can BTC Break Above $66,000?

by SuperiorInvest

Bitcoin price recovered and rose above the $64,000 resistance zone. BTC now faces obstacles near the $65,500 and $66,000 levels.

  • Bitcoin is now struggling to gain pace to break above the $65,500 resistance zone.
  • The price is trading above $64,000 and the 100 hourly simple moving average.
  • A key contracting triangle is forming with resistance at $65,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a fresh rise if it breaks the $65,500 resistance zone.

Bitcoin price starts to rise

Bitcoin price found support above $60,000 and started a new rise. BTC rose above the $62,500 and $63,500 resistance levels. The bulls even pushed the price above the $65,000 level.

However, the bears seem to be active near the $65,500 zone. The recent high was formed at $65,598 and the price is now consolidating gains. There was a drop below the $65,000 level, but the price is still above the 23.6% Fibonacci retracement level of the upward move from the low of $59,666 to the low of $65,598.

Bitcoin price is trading above $64,000 and the 100 hourly simple moving average. The immediate resistance is near the $65,100 level. There is also a key contracting triangle forming with resistance at $65,100 on the hourly chart of the BTC/USD pair.

The first major resistance could be $65,500. The next resistance is now at $66,000. If there is a clear move above the $66,000 resistance zone, the price could continue to rise. In the above case, the price could rise to $67,500.

Source: BTCUSD on TradingView.com

The next major resistance is near the $68,500 zone. Any further gains could send Bitcoin towards the $70,000 resistance zone in the near term.

Downward correction in BTC?

If Bitcoin fails to break above the $65,500 resistance zone, it could start a downward correction. Immediate downside support is near the $64,500 level.

The first major support is $64,000. If there is a close below $64,000, the price could start falling towards the 50% Fibonacci retracement level of the upward move from the low of $59,666 to the low of $65,598 at $62,500. Any further losses could send the price towards the $61,200 support zone in the near term.

Technical indicators:

MACD Hourly: The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.

Main support levels: $64,500, followed by $64,000.

Main resistance levels: $65,100, $65,500 and $66,000.

Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC's views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.

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