Bitcoin price is consolidating below the $65,000 resistance zone. BTC must surpass $65,000 and $67,000 to move into a bullish zone again.
- Bitcoin is struggling to gain pace for a move above the $65,000 resistance zone.
- The price is trading below $65,000 and the 100 hourly Simple moving average.
- There was a break above a connecting bearish trend line with resistance at $63,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if it clears the $67,000 resistance zone.
Bitcoin Price Eyes Upside Break
Bitcoin price failed to clear the $67,000 resistance zone. BTC started another decline and traded below the $65,000 support zone. It even declined below $62,000 before the bulls emerged.
A low was formed near $61,551 and the price is now attempting a fresh recovery wave. There was a break above a connecting bearish trend line with resistance at $63,000 on the hourly chart of the BTC/USD pair. The pair climbed above the 23.6% Fib retracement level of the recent decline from the $66,898 swing high to the $61,551 low.Bitcoin price is trading below $65,000 and the 100 hourly Simple moving average. Immediate resistance is near the $64,250 level. It is close to the 50% Fib retracement level of the recent decline from the $66,898 swing high to the $61,551 low.
The first major resistance could be $64,850. The next resistance now sits at $65,000. If there is a clear move above the $65,000 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $66,500.