Bitcoin price struggled to increase beneficial properties above the $66,000 resistance stage. BTC is consolidating and holding beneficial properties above the $63,500 zone.

• Bitcoin struggled to proceed greater above the $66,000 resistance zone.
• The price is buying and selling above $63,500 and the 100 hourly Easy shifting common.
• There’s a key bullish development line forming with assist at $64,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair would possibly proceed to maneuver up until it breaks the $63,500 assist zone.

Bitcoin Worth Holds Beneficial properties, Can It Rise Once more?

Bitcoin price remained in a bullish zone above the $63,500 and $63,800 resistance ranges. BTC made one other try and clear the $66,000 resistance zone. Nonetheless, the bulls failed to increase beneficial properties and the price began a draw back correction.

There was a drop beneath the $65,000 and $64,500 ranges. The price dipped beneath the 50% Fib retracement stage of the upward transfer from the $62,465 swing low to the $66,100 excessive.

It discovered assist close to the $63,850 zone and the 61.8% Fib retracement stage of the upward transfer from the $62,465 swing low to the $66,100 excessive. There may be additionally a key bullish development line forming with assist at $64,000 on the hourly chart of the BTC/USD pair.

Bitcoin price is now buying and selling above $64,000 and the 100 hourly Easy shifting common. If there’s a recent improve, the price may face resistance close to the $65,000 stage. The primary key resistance is close to the $66,000 stage.

A transparent transfer above the $66,000 resistance would possibly spark one other improve within the coming periods. The subsequent key resistance may very well be $66,500. The subsequent main hurdle sits at $67,200. An in depth above the $67,200 resistance would possibly push the price additional greater. Within the said case, the price may rise and check the $68,000 resistance.

Extra Downsides In BTC?

If Bitcoin fails to climb above the $65,000 resistance zone, it may proceed to maneuver down. Fast assist on the draw back is close to the $64,000 stage and the development line.

The primary main assist is $63,850. The subsequent assist is now close to $63,500. Any extra losses would possibly ship the price towards the $62,500 assist zone within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now dropping tempo within the bullish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now close to the 50 stage.

Main Help Ranges – $64,000, adopted by $63,500.

Main Resistance Ranges – $65,000, and $66,000.