Bitcoin price found support near the $62,650 level and started a fresh increase above the $63,500 resistance. It then gained momentum, surging past the $64,200 resistance zone. The bulls managed to push BTC above $65,000, forming a high at $65,764 before it began consolidating gains.
After hitting the high, there was a slight dip below the $65,200 level, with the price dropping beneath the 23.6% Fib retracement of the upward move from the $62,673 low to $65,764 high. Currently, Bitcoin is trading above $64,500, maintaining its position above the 100-hourly Simple Moving Average (SMA).
A short-term contracting triangle is forming on the hourly chart, with resistance around $65,250. Should the price break this level, the next resistance is at $65,500. A clear move above this point could propel BTC toward $66,200. If Bitcoin closes above $66,200, further gains could lead to a test of the $67,500 resistance.
Potential Downside Risk
If Bitcoin struggles to break through the $65,250 resistance, it might face another decline. Immediate support lies at $64,850, while the first major support is around $63,850—coinciding with the 61.8% Fib retracement level of the recent upward move. Additional losses could push the price back to the $63,500 zone or even further toward $62,650.
Technical Indicators
– Hourly MACD – The MACD is currently losing momentum in the bullish zone.
– Hourly RSI – The RSI for BTC/USD is positioned above the 50 mark, indicating positive momentum.
Key Levels to Watch
– Support: $64,850, $63,850, and $63,500
– Resistance: $65,250, $65,500, and $66,200
