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.