As a seasoned crypto investor with a few years of experience under my belt, I’ve seen Bitcoin’s price fluctuations more times than I can count. The recent rally to the $66,500 resistance zone was an exciting development, and although we’re now in a consolidation phase, I remain optimistic about BTC‘s potential for further gains.
As a crypto investor, I’ve noticed an uptick in Bitcoin‘s price that pushed it to test the $66,500 mark. Currently, Bitcoin is taking a breather and consolidating its gains. With some positive momentum, it could potentially make another attempt to reach the next resistance level at $67,500.
- Bitcoin started a consolidation phase from the $66,500 resistance zone.
The price is trading above $65,000 and the 100 hourly Simple moving average.
There is a key bullish trend line forming with support at $65,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase unless the bears push it below $63,800.
Bitcoin Price Remains Supported
Bitcoin’s price established a foundation and commenced a fresh surge past the $63,500 mark. The cryptocurrency surmounted the resistance at $65,500 and probed the $66,500 zone. A new peak was achieved in the weekly chart at $66,565, and presently, Bitcoin is consolidating its gains.
As an analyst, I observed a slight dip in price beneath the $66,000 mark. This movement represented a fall below the 23.6% Fibonacci retracement level that followed our upward trend from the previous swing low at $61,073 to the subsequent high at $66,565.
The price of Bitcoin has surpassed $65,000 and the 100-hour moving average. Additionally, a significant bullish trend line is emerging on the hourly chart for BTC/USD, with support at around $65,150. Nearby resistance can be found at the $65,600 mark.
The first major resistance could be $66,000. The next key resistance could be $66,500. A clear move above the $66,500 resistance might send the price higher. In the stated case, the price could rise and test the $67,200 resistance.
Should the bulls continue their momentum, Bitcoin’s price may advance towards the $68,000 resistance level. Surpassing this hurdle could lead Bitcoin to challenge the $70,000 mark.
Another Decline In BTC?
Should Bitcoin be unable to surpass the $66,000 barrier, there’s a possibility of further price declines. The nearest support lies around the $65,150 mark and the trendline.
$64,200 is the initial significant point of resistance, but the price may soon encounter support around $63,800 or the 50% Fibonacci retracement level of the price rise from its low at $61,073 to its high at $66,565. If the price drops further, it could head towards the short-term support area near $63,150.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $65,150, followed by $63,800.
Major Resistance Levels – $66,000, $66,500, and $67,200.
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2024-05-17 05:28