Bitcoin recently tested the $65,200 zone before bullish momentum reappeared, leading to a price increase and the potential to breach the $67,500 resistance level.
Initially, Bitcoin experienced losses, dipping to the $65,200 zone, and traded below $67,500, along with the 100 hourly Simple Moving Average. However, it broke above a key bearish trend line, with resistance at $66,800 on the BTC/USD hourly chart, leading to renewed bullish activity.
From a technical standpoint, Bitcoin’s price extended its downward correction, allowing for a drop below $66,500, $66,000, and $65,500, eventually bottoming out at $65,199. But the cryptocurrency began to rise again, surpassing the $66,500 mark and climbing above the 23.6% Fibonacci retracement level – calculated from the $69,425 swing high to the $65,199 low. Furthermore, it broke the bearish trend line, reaffirming resistance at $66,800.
Currently, Bitcoin remains below $67,500, along with the 100 hourly Simple Moving Average. Immediate resistance lies near $67,300, coinciding with the 50% Fibonacci retracement level from the previously mentioned downward movement. Notably, overcoming the $67,500 resistance could initiate a more significant upward trend, with the next notable resistance anticipated at $68,000.
Achieving a close above the $68,000 resistance could potentially trigger further gains, allowing the price to test the $69,200 level. Additional gains could push Bitcoin price toward the $70,000 resistance zone.
Nonetheless, if Bitcoin fails to surpass the $67,500 resistance, another decline could ensue. Immediate support is positioned near the $66,500 level. Further support is anticipated at the $66,200 level, followed by the critical $66,000 zone. Any further losses could drive the price back towards $65,200.
Technical indicators suggest the current outlook remains somewhat bullish, with the hourly MACD losing pace in the bullish zone and the hourly RSI for BTC/USD positioned above the 50 level. The major support levels are identified as $66,500 and $66,200, while the key resistance levels are $67,500 and $68,000.