Bitcoin price has surged by almost 8% in recent trading sessions, breaking through multiple resistance levels along the way. Currently, BTC is consolidating its gains and may see a correction in the short term, potentially dropping back down to around $65,000.
The recent surge in Bitcoin’s price began with a break above the $63,500 resistance zone, sparking a strong uptrend. The price is now comfortably above $65,000 and is supported by the 100 hourly Simple Moving Average.
Key Resistance Levels
A significant bullish signal was the break above a key bearish trend line with resistance at $61,500 on the hourly chart of the BTC/USD pair, sourced from Kraken. Despite the possibility of a correction, bulls are expected to step in near the $65,000 and $64,500 price levels.
Consolidation Phase
Bitcoin’s price has remained resilient above the $60,000 support zone, forming a solid base for further upward movement. After surpassing the $62,000 level, the price continued to rally, breaking through multiple hurdles and forming a new weekly high at $66,411.
As of now, Bitcoin is consolidating its gains, supported by the 23.6% Fibonacci retracement level of the recent wave from the $61,073 swing low to the $66,411 high. The price is also holding above the 100 hourly Simple Moving Average and is eyeing the immediate resistance level at $66,400.
If Bitcoin manages to break above the $67,200 resistance level, it could pave the way for a further upward movement towards $68,000 and even $70,000. On the other hand, a failure to breach the $66,400 resistance zone may trigger a downside correction, with support levels at $65,150 and $64,500.
The Hourly MACD indicator is showing bullish momentum, while the Hourly RSI for BTC/USD is currently above the 50 level. Major support levels to watch include $65,150 and $64,500, with major resistance levels at $66,400, $66,800, and $67,200.
Bitcoin’s price action continues to be volatile, with sharp movements in both directions. Traders and investors should exercise caution and closely monitor key support and resistance levels to capitalize on potential opportunities in the market.
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