Bitcoin price recovered losses and climbed above $65,000 against the US Dollar. BTC must climb above the $66,350 zone to start a fresh rally in the near term.
- Bitcoin started a fresh increase from the $62,500 support zone.
- The price is now trading above $65,000 and the 100 hourly simple moving average.
- There was a break above a key bearish trend line with resistance near $65,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh increase if there is a clear close above $66,000.
Bitcoin Price Faces Resistance
Bitcoin price remained well bid near the $62,500 zone. As a result, BTC started a fresh increase above the $64,000 resistance zone. There was a clear break above the $65,000 resistance and the 100 hourly simple moving average.
Besides, there was a break above a key bearish trend line with resistance near $65,000 on the hourly chart of the BTC/USD pair. The pair climbed above the 50% Fib retracement level of the main decline from the $68,762 swing high to $62,300 low.On the upside, an immediate resistance is near the $66,000 level. The first major resistance is near the $66,400 level. It is close to the 61.8% Fib retracement level of the main decline from the $68,762 swing high to $62,300 low.
Source:A clear break above $66,350 resistance may possibly call open the doors for a fresh increase. The next major resistance sits near the $68,000 level, where the bears might take a stand. An intermediate resistance for the bulls may possibly be near the $67,250 level.