Bitcoin price tested the $65,000 support zone. BTC is now rising and attempting a fresh rise above the $70,000 resistance zone in the near term.
- Bitcoin price is showing some positive signs from the $65,000 zone.
- The price is below $70,000 and the 100 hourly simple moving average.
- There was a break above a key bearish trendline with resistance at $67,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if it clears the $70,000 resistance zone in the near term.
Bitcoin price holds support
Bitcoin price started a downward correction from the $73,500 zone. There was a steady decline below the $70,000 support zone and the bears pushed the price below $68,000.
Finally, the price tested the $65,000 support zone. A low was formed at $64,555 and the price is now attempting a fresh rise. There was a move above the $66,500 resistance zone. The price climbed above the 23.6% Fib retracement level of the downward move from the swing high $73,734 to low $64,555.
There was also a break above a key bearish trend line with resistance at $67,100 on the hourly chart of the BTC/USD pair. Bitcoin is currently trading below $70,000 and the 100 hourly simple moving average.
Immediate resistance is near $69,200 or the 50% Fib retracement level of the downward move from the swing high at $73,734 to the low at $64,555. The next key resistance could be at $70,000, above which the price could rise towards the $71,200 resistance zone.
Source: BTCUSD on TradingView.com
If there is a clear move above the $71,200 resistance zone, the price might even attempt to rise above the $72,000 resistance zone. Any further gains could push the price towards the $73,500 level.
More losses on BTC?
If Bitcoin fails to rise above the $70,000 resistance zone, another decline could occur. The immediate downside support is near the $67,000 level.
The first major support is $65,000. The main support lies at $64,500. If the close is below $64,500, the price could fall towards the $63,500 level. Any further losses could push the price towards the $62,000 support zone.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Main support levels – $66,500, followed by $65,000.
Major resistance levels – $69,200, $70,000 and $71,200.
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