Bitcoin Price Approaches Breakout, Can BTC Pump Above $66K?

Bitcoin price recovered and climbed above the $64,000 resistance zone. BTC is now facing hurdles near the $65,500 and $66,000 levels.

• Bitcoin is now struggling to gain pace for a move above the $65,500 resistance zone.
• The price is trading above $64,000 and the 100 hourly Simple moving average.
• There is a key contracting triangle 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 surge if it clears the $65,500 resistance zone.

Bitcoin Price Starts Increase

Bitcoin price found support above $60,000 and started a fresh increase. BTC climbed 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% Fib retracement level of the upward move from the $59,666 swing low to the $65,598 low.

Bitcoin price is trading above $64,000 and the 100 hourly Simple moving average. 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 now sits at $66,000. If there is a clear move above the $66,000 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $67,500.

Source: BTCUSD on CoinPrice.Watch

The next major resistance is near the $68,500 zone. Any more gains might send Bitcoin toward the $70,000 resistance zone in the near term.

Downside Correction In BTC?

If Bitcoin fails to rise above the $65,500 resistance zone, it could start a downside correction. Immediate support on the downside 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 to drop toward the 50% Fib retracement level of the upward move from the $59,666 swing low to the $65,598 low at $62,500. Any more losses might send the price toward the $61,200 support zone in the near term.

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 near the 50 level.

Major Support Levels – $64,500, followed by $64,000.

Major Resistance Levels – $65,100, $65,500, and $66,000.