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.

Are Dips Limited In BTC?

If Bitcoin fails to climb above the $66,400 resistance zone, it could start a downside correction. Immediate support on the downside is near the $65,150 level.

The first major support is $64,500. If there is a close below $64,500, the price could start to drop toward $63,500 or the 50% Fib retracement level of the recent wave from the $61,073 swing low to the $66,411 high. Any more losses might send the price toward the $63,000 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

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

Major Support Levels – $65,150, followed by $64,500.

Major Resistance Levels – $66,400, $66,800, and $67,200.

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Filed under: Bitcoin - @ May 16, 2024 3:14 am