Bitcoin has recently embarked on a fresh upward trajectory, breaching the significant $64,500 threshold. The cryptocurrency is currently consolidating, aiming for potential further gains, particularly above the critical $66,200 mark.
Having gained momentum, Bitcoin managed to remain above the support level of $62,500, leading to its rise beyond $64,500. This ongoing trend has seen Bitcoin trading comfortably above the 100-hourly simple moving average. Additionally, a bullish trend line has emerged with support established at $64,200 on the hourly chart of the BTC/USD pair, as indicated by data from Kraken. Experts suggest that Bitcoin might extend its gains if it consistently stays above the $65,500 and $66,200 thresholds.
Following a supportive bounce near $60,800, Bitcoin has regained strength, accelerating past the $61,500 and $63,200 resistance points. The bulls have successfully pushed the price to a high of $65,847, marking a consolidation phase that places it above the 23.6% Fibonacci retracement level derived from a previous swing low of $60,746 to the recent high.
As it stands, Bitcoin is trading favorably above $64,500, bolstered by the 100-hourly simple moving average. Should the price maintain stability above this level, an attempt for further increases appears probable. Immediate resistance is noted near the $65,500 mark, with the first significant resistance looming at $66,200. A decisive close above $66,200 may propel Bitcoin toward additional gains, potentially testing the $66,800 resistance next, followed by a push towards the $67,500 level. The bulls are eyeing the $68,000 barrier as the next significant target.
Conversely, if Bitcoin fails to exceed the $66,200 resistance area, it may prompt a decline. Immediate support has been identified around the $64,650 mark, with the first major support sitting at $64,200. Should Bitcoin experience further losses, the next support level is anticipated near the $63,300 zone, aligned with the 50% Fibonacci retracement level from the upward movement. A deeper downturn could see Bitcoin approaching the $62,500 support, with critical support resting at $61,800, below which recovery prospects would diminish substantially.
Technically, indicators suggest a nuanced outlook, with the hourly MACD losing momentum within the bullish zone. The hourly RSI for the BTC/USD pair remains above the 50 level, indicating a cautious but optimistic stance among analysts. Major support levels are currently identified at $64,650 and $64,200, while significant resistance points are highlighted at $65,500 and $66,200.
