Bitcoin Price Reaches Critical Resistance: Can the Rally Push On?

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Bitcoin price started a fresh rally above the $64,500 resistance zone. BTC is now consolidating and might struggle to surpass the $66,400 resistance.

• Bitcoin is up over 5% and now faces hurdles near the $66,400 zone.
• The price is trading above $64,500 and the 100 hourly Simple moving average.
• There is a short-term bullish trend line forming with support at $65,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could rally further if there is a close above the $66,400 resistance zone.

Bitcoin Price Surges Over 5%

Bitcoin price formed a base and started a fresh increase above the $62,500 resistance. BTC cleared the $63,500 resistance to move into a positive zone. The price even rallied above the $65,000 and $65,500 resistance levels.

Finally, the price stalled near the last key resistance at $66,400. A high was formed at $66,398 and the price is now consolidating gains. There was a minor decline below the $66,000 level. The price is now approaching the 23.6% Fib retracement level of the upward wave from the $62,139 swing low to the $66,398 high.

Bitcoin price is now trading above $65,000 and the 100 hourly Simple moving average. There is also a short-term bullish trend line forming with support at $65,400 on the hourly chart of the BTC/USD pair.

On the upside, the price could face resistance near the $66,000 level. The first key resistance is near the $66,400 level. A clear move above the $66,400 resistance might send the price higher. The next key resistance could be $66,850.

Source: BTCUSD on TradingView.comA close above the $66,850 resistance might initiate more gains. In the stated case, the price could rise and test the $67,500 resistance level. Any more gains might send the price toward the $68,000 resistance level.

Another Decline In BTC?

If Bitcoin fails to rise above the $66,400 resistance zone, it could start another decline. Immediate support on the downside is near the $65,400 level and the trend line.

The first major support is near the $64,250 level or the 50% Fib retracement level of the upward wave from the $62,139 swing low to the $66,398 high. The next support is now near the $63,500 zone. Any more losses might send the price toward the $62,500 support 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 – $65,400, followed by $64,250.

Major Resistance Levels – $66,000, and $66,400.