Categories: Bitcoin Latest News

Bitcoin Price Eyes Fresh Gains: Can BTC Climb Again?

Bitcoin price extended losses and tested the $65,500 support zone. BTC is now consolidating and might aim for a fresh increase if it clears $66,500.

Bitcoin tested the $65,500 level and is attempting a recovery wave.
The price is trading below $68,000 and the 100 hourly Simple moving average.
There is a connecting bearish trend line forming with resistance at $66,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might start a fresh increase if it clears the $66,500 resistance zone.

Bitcoin Price Revisits Support

Bitcoin price extended losses below the $66,500 support zone. BTC even spiked below the $66,000 and $65,500 levels. A low is formed near $65,337 and the price is now consolidating losses.

It recovered above the $66,000 level and tested the 23.6% Fib retracement level of the downward move from the $69,985 swing high to the $65,337 low. However, the price is now struggling to clear the $66,500 resistance zone. There is also a connecting bearish trend line forming with resistance at $66,400 on the hourly chart of the BTC/USD pair.

Bitcoin price is trading below $68,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $66,400 level. The first key resistance is near the $66,500 level.

A clear move above the $66,500 resistance might send the price further higher in the coming sessions. The next key resistance could be $67,650 or the 50% Fib retracement level of the downward move from the $69,985 swing high to the $65,337 low.

The next major hurdle sits at $68,200. A close above the $68,200 resistance might spark bullish moves. In the stated case, the price could rise and test the $70,000 resistance.

Another Decline In BTC?

If Bitcoin fails to recover above the $66,500 resistance zone, it could start another decline. Immediate support on the downside is near the $66,000 level.

The first major support is $65,350. The next support is now near $65,000. Any more losses might send the price toward the $63,500 support zone in the near term.

Technical indicators:

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

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

Major Support Levels – $66,000, followed by $65,350.

Major Resistance Levels – $66,500, and $67,650.

[#item_full_content]NewsBTCRead More

Recent Posts

Bitcoin Price Could Peak In 200 Days, Before US Recession In Mid-2025, Report Says

The current Bitcoin (BTC) rally could extend until mid-2025, with a potential price peak before…

4 hours ago

Bitcoin Price Steadies at $90K: Is Another Rally in Sight?

Bitcoin price extended gains above $90,000. BTC is now consolidating gains near $90,000 and might…

4 hours ago

Bitcoin Expected To Hit $100,000 Before 2025, According To Kalshi Data

Bitcoin (BTC) has hit new highs in recent days, with many users of crypto betting…

5 hours ago

The Protocol: Reinvent Ethererum, and Just Don’t Break Bitcoin

In founding editor Bradley Keoun's last issue of The Protocol, CoinDesk's weekly newsletter devoted to…

11 hours ago

Bitcoin Consolidates After Recent Surge – Metrics Reveal Moderate Selling Pressure

Bitcoin has reached a new all-time high of $90,243 following a week of relentless upward…

12 hours ago

The Truth About Bitcoin Price Models: Stock-to-Flow, Power Law, and Beyond

Predicting Bitcoin's price has always been a hot topic for investors. Matt Crosby, lead market…

12 hours ago