Bitcoin

Resistance

Gains

Bitcoin price extended its increase and climbed above the $66,000 resistance zone. BTC is now showing positive signs and might find bids near $65,500. 
<ul> 
 <li>Bitcoin gained pace for a move above the $65,500 resistance zone.</li> 
 <li>The price is trading above $65,500 and the 100 hourly Simple moving average.</li> 
 <li>There is a key bullish trend line forming with support at $65,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could correct lower, but the bulls might remain active near the $65,500 support.</li> 
</ul> 
<h2 id="bitcoin-price-gains-strength">Bitcoin Price Gains Strength</h2> 
Bitcoin price started a <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-pump-66k/" target="_blank" rel="noopener ">fresh increase</a> above the $64,500 and $65,000 resistance levels. BTC bulls even pushed the price above the $66,000 resistance. It traded to a new weekly high at $67,200 and is currently consolidating gains. 
The price is slowly moving lower toward the 23.6% Fib retracement level of the upward move from the $64,281 swing low to the $67,200 low. Bitcoin price is still trading above $65,500 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-risk-60k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. 
There is also a key bullish trend line forming with support at $65,700 on the hourly chart of the BTC/USD pair. The trend line is near the 50% Fib retracement level of the upward move from the $64,281 swing low to the $67,200 low. 
Immediate resistance is near the $67,000 level. The first major resistance could be $67,200. The next resistance now sits at $68,500. If there is a clear move above the $68,500 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $70,000. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_95dfa1.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-604590" src="https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_95dfa1.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_95dfa1.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_95dfa1.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_95dfa1.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_95dfa1.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_95dfa1.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_95dfa1.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_95dfa1.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/BTCUSD/" target="_blank" rel="noopener nofollow">BTCUSD on TradingView.com</a> 
The next major resistance is near the $70,500 zone. Any more gains might send Bitcoin toward the $72,000 resistance zone in the near term. 
<h2 id="downside-correction-in-btc">Downside Correction In BTC?</h2> 
If Bitcoin fails to rise above the $67,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $66,500 level. 
The first major support is $65,700 or the trend line. If there is a close below $65,500, the price could start to drop toward $65,000. Any more losses might send the price toward the $64,200 support zone 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 – $66,500, followed by $65,500. 
Major Resistance Levels – $67,000, $67,200, and $68,500.

Bitcoin Price Extends Increase, Why Dips Turned Attractive In Short-Term

目次

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