Bitcoin Enters Consolidation Phase Above $65,000
Bitcoin has started a consolidation phase after testing the $66,500 resistance zone. Currently, the price is trading above $65,000 and the 100 hourly Simple moving average, indicating strong support levels for the digital asset. A key bullish trend line is forming with support at $65,150 on the hourly chart of the BTC/USD pair, suggesting a potential bullish momentum for Bitcoin.
Key Highlights
- Bitcoin consolidates gains above $65,000.
- The price forms a bullish trend line with support at $65,150.
- Immediate resistance is at $65,600, with major resistance at $66,500.
Bitcoin Price Remains Supported
Following a base formation, Bitcoin initiated a fresh increase surpassing the $63,500 level. The digital asset broke the $65,500 resistance and reached as high as $66,565 before entering a consolidation phase. Despite a minor decline below $66,000, the price remains above the 100 hourly Simple moving average and $65,000 support level, signaling a potential upward trajectory.
The first major resistance for Bitcoin stands at $66,000, with a crucial level at $66,500. A clear breakthrough above the $66,500 resistance could propel the price towards $67,200. On the flip side, if the bears gain control, Bitcoin might test the $63,800 support level and the 50% Fib retracement zone.
Potential Reversal in BTC Price?
In the scenario where Bitcoin struggles to surpass the $66,000 resistance, a potential downside movement could ensue. Immediate support levels to watch include $65,150 and the bullish trend line. The critical support zone lies at $63,800, indicating a crucial level for the digital asset’s price action.
Technical indicators suggest a mixed outlook for Bitcoin:
- Hourly MACD: The MACD is losing momentum in the bullish region.
- Hourly RSI: The RSI for BTC/USD is above the 50 level, indicating a balanced market sentiment.
Key Levels to Watch:
- Support Levels: $65,150, $63,800
- Resistance Levels: $66,000, $66,500, $67,200
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