Bitcoin price managed to surpass the $65,000 resistance level. For another bull run, BTC must surpass the $66,350. Here is a summary of Bitcoin price in the past 24 hours:
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- BTC started a new uptrend from $62,500.
- Currently, the price is above $65,000and the 1-hour candles are above the SMA100.
- For the 1-hour chart, we can see BTC has surpassed the resistance level of a downtrend at $65,000.
- To have a strong surge, the price has to break through the $66,000 and stabilize above it.
Bitcoin Price Action Analysis
The buyers rose to support the price at $62,500. Subsequently, BTC started a new uptrend and surpassed the $64,000. To follow that, it also went above $65,000 and the SMA100.
Furthermore, on the 1-hour chart, the resistance level for a downtrend at $65,000 failed to hold the BTC down. The price penetrated the 505 Fibonacci retracement level from the latest fall from $68,762 to $62,300.
The first resistance level is at $66,000 followed by $66,400. This level is near the 61.8% Fibonacci retracement level.
In case of a successful breakthrough from $66,350, there would be another bull run. The next crucial resistance level will be at $68,000 where the sellers wait with short positions. To get there, the price should first surpass $67,250.
On the other hand, if Bitcoin price fails to surpass the $66,350, there would be a new downtrend. In that case, the $65,200 is the first support level for BTC.
The next support level is at $65,000 and further decline can bring the price closer to $64,500. Following that, we will have $64,000 and then $63,500 to hold the decline.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on an upward movement.
RSI: the 1-hour relative strength index is currently above 50.
Resistance levels: Right now, the $66,000 and $66,350 and $68,000 are crucial levels for BTC to surpass.
Support levels: The $65,200 and $65,000 are currently the crucial support levels for the price.
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