Bitcoin price is up nearly 8% and it broke many hurdles. BTC is now consolidating gains and might correct in the short term toward $65,000.
- Bitcoin started a strong increase and cleared the $63,500 resistance zone.
- The price is trading above $65,000 and the 100 hourly Simple moving average.
- There was a break above a key bearish trend line with resistance at $61,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct gains but the bulls might be active near $65,000 and $64,500.
Bitcoin Price Jumps 8%
Bitcoin price remained strong above the $60,000 support zone. BTC formed a base and started a fresh increase above the $62,000 level. There was a break above a key bearish trend line with resistance at $61,500 on the hourly chart of the BTC/USD pair.The pair rallied over 6% and broke many hurdles near the $63,500 resistance. It even cleared the $65,500 resistance. A new weekly high was formed at $66,411 and the price is now consolidating gains.
It is holding gains above the 23.6% Fib retracement level of the recent wave from the $61,073 swing low to the $66,411 high. Bitcoin price is also trading above $65,000 and the 100 hourly Simple moving average.
Immediate resistance is near the $66,400 level. The first major resistance could be $66,850. The next key resistance could be $67,200. A clear move above the $67,200 resistance might send the price higher. In the stated case, the price could rise and test the $68,000 resistance. If there is a close above the $68,000 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $70,000.