Bitcoin Price Back on Track: Can It Maintain Traction?

Bitcoin price started a fresh increase above the $64,750 resistance. BTC is now consolidating near $65,000 and might remain supported.

• Bitcoin is consolidating gains near the $65,000 zone.
• The price is trading above $64,200 and the 100 hourly Simple moving average.
• There is a short-term contracting triangle forming with resistance at $65,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another increase if there is a clear move above the $65,250 resistance zone.

Bitcoin Price Regains Strength

Bitcoin price remained supported near the $62,650 level. BTC formed a base and started a fresh increase above the $63,500 resistance zone. It gained pace for a move above the $64,200 resistance zone.

The bulls even pumped the price above $65,000. A high was formed at $65,764 and the price is now consolidating gains. There was a minor decline below the $65,200 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $62,673 swing low to the $65,764 high.

Bitcoin is now trading above $64,500 and the 100 hourly Simple moving average. If there is a fresh increase, the price could face resistance near the $65,250 level. There is also a short-term contracting triangle forming with resistance at $65,250 on the hourly chart of the BTC/USD pair.

The first key resistance is near the $65,500 level. A clear move above the $65,500 resistance might send the price higher. The next key resistance could be $66,200. A close above the $66,200 resistance might spark more upsides. In the stated case, the price could rise and test the $67,500 resistance level.

Another Decline In BTC?

If Bitcoin fails to rise above the $65,250 resistance zone, it could continue to move down. Immediate support on the downside is near the $64,850 level.

The first major support is near the $63,850 level and the 61.8% Fib retracement level of the upward move from the $62,673 swing low to the $65,764 high. The next support is now near the $63,500 zone. Any more losses might send the price toward the $62,650 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $64,850, followed by $63,850.

Major Resistance Levels – $65,250, and $65,500.