Bitcoin Price Reclaims $65,000 With Conviction—Is A Bigger Rally Next?

Bitcoin price started a fresh increase and cleared the $64,500 zone. BTC is consolidating and might aim for more gains above the $66,200 level.

Bitcoin managed to stay above $62,500 and started a fresh increase.
The price is trading above $64,500 and the 100 hourly simple moving average.
There is a bullish trend line forming with support at $64,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might extend gains if it stays above the $65,500 and $66,200 levels.

Bitcoin Price Regains Strength

Bitcoin price found support near $60,800 and started a fresh increase. BTC gained pace for a move above the $61,500 and $63,200 resistance levels.

The bulls even pushed the price above $64,500. A high was formed at $65,847, and the price started a consolidation phase above the 23.6% Fib retracement level of the upward move from the $60,746 swing low to the $65,847 high.

Bitcoin is now trading above $64,500 and the 100 hourly simple moving average. Besides, there is a bullish trend line forming with support at $64,200 on the hourly chart of the BTC/USD pair.

If the price remains stable above $64,500, it could attempt a fresh increase. Immediate resistance is near the $65,500 level. The first key resistance is near the $66,200 level. A close above the $66,200 resistance might send the price further higher. In the stated case, the price could rise and test the $66,800 resistance. Any more gains might send the price toward the $67,500 level. The next barrier for the bulls could be $68,000.

Another Decline In BTC?

If Bitcoin fails to rise above the $66,200 resistance zone, it could start another decline. Immediate support is near the $64,650 level. The first major support is near the $64,200 level.

The next support is now near the $63,300 zone or the 50% Fib retracement level of the upward move from the $60,746 swing low to the $65,847 high. Any more losses might send the price toward the $62,500 support in the near term. The main support now sits at $61,800, below which BTC might struggle to recover 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 – $64,650, followed by $64,200.

Major Resistance Levels – $65,500 and $66,200.

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