Bitcoin price had a rally reaching above $65,000. BTC is showing bullish signs and has a solid chance of reaching $70,000. Here is a summary of Bitcoin price in the past 24 hours:
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- Bitcoin price started a new uptrend above the $62,500 and $63,500 resistance levels.
- Currently, the price is above $65,000 and the 1-hour candles are above the SMA100.
- For the 1-hour chart, BTC surpassed the resistance level for a downward trendline.
- By stabilizing above $66,000, the uptrend can gain momentum.
Bitcoin Price Action Analysis
BTC found great support above $60,000. Subsequently, with a new uptrend, the price managed to surpass $62,500 and $63,500.
Buyers pumped the price to $65,000 and the SMA100. Furthermore, in the 1-hour chart, BTC surpassed the resistance level of a downward trendline at $61,559.
As the trend is gaining momentum, the price is approaching $65,500. The highest recorded price in the past few hours is at $65,681 followed by ranging a while.
As of now, BTC is above the 23.6% Fibonacci retracement level from the latest rise from $60,129 to $65,681. The first resistance level is expected at $65,500 followed by $66,000.
Breaking through the $66,000 would pave the way for further growth in short-term. The next crucial resistance level is at $68,500 and further growth could bring the price up to $70,000.
On the other hand, if Bitcoin price fails to surpass the $66,000, there could be a new downtrend. For the price correction, the first support level is around $64,500.
The next important support is at $63,000 which is near the 50% Fibonacci retracement level. Dipping below $63,000 would cause further decline down to $62,500. The primary breakout support is near the $61,200 and the SMA100. Going below this level would bring strong downward momentum to BTC.
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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 75.
Resistance levels: Right now, the $65,500 and $66,000 AND $68,500 are crucial levels for BTC to surpass.
Support levels: The $64,500 and $63,000 are currently the crucial support levels for the price.
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