Bitcoin Eyes Fresh Rally, Why Close above $66k Is Important


Bitcoin value recovered losses and climbed above $65,000 in opposition to the US Dollar. BTC should climb above the $66,350 zone to begin a contemporary rally within the close to time period.

  • Bitcoin began a contemporary improve from the $62,500 help zone.
  • The value is now buying and selling above $65,000 and the 100 hourly easy transferring common.
  • There was a break above a key bearish pattern line with resistance close to $65,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair might begin a contemporary improve if there’s a clear shut above $66,000.

Bitcoin Price Faces Resistance

Bitcoin value remained properly bid close to the $62,500 zone. As a end result, BTC began a contemporary improve above the $64,000 resistance zone. There was a transparent break above the $65,000 resistance and the 100 hourly easy transferring common.

Besides, there was a break above a key bearish pattern line with resistance close to $65,000 on the hourly chart of the BTC/USD pair. The pair climbed above the 50% Fib retracement stage of the primary decline from the $68,762 swing excessive to $62,300 low.

On the upside, a direct resistance is close to the $66,000 stage. The first main resistance is close to the $66,400 stage. It is near the 61.8% Fib retracement stage of the primary decline from the $68,762 swing excessive to $62,300 low.

Source: BTCUSD on TradingView.com

A transparent break above $66,350 resistance might presumably name open the doorways for a contemporary improve. The subsequent main resistance sits close to the $68,000 stage, the place the bears may take a stand. An intermediate resistance for the bulls might presumably be close to the $67,250 stage.

Fresh Decline in BTC?

If bitcoin fails to clear the $66,350 resistance zone, it might begin a contemporary draw back correction. An instant help on the draw back is close to the $65,200 stage.

The first main help is now forming close to the $65,000 stage and the damaged pattern line. Any extra losses could lead on the worth in the direction of the $64,500 stage. The subsequent main help is close to the $64,000 stage, beneath which the worth might even decline beneath the $63,500 help zone.

Technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now properly above the 50 stage.

Major Support Levels – $65,200, adopted by $65,000.

Major Resistance Levels – $66,000, $66,350 and $68,000.

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