Bitcoin price struggled to extend gains above the $66,000 resistance level. BTC consolidates and maintains gains above the $63,500 zone.

• Bitcoin failed to break above the $66,000 resistance zone.
• The price remains above $63,500 and the 100-hour elementary moving average.
• On the hourly chart of the BTC/USD currency pair (data from Kraken), a key uptrend line is forming with support at USD 64,000.
• The pair may continue to rise unless it breaks through the support zone at $63,500.

Bitcoin price remains positive. Could it go up again?

Bitcoin price remained in a bullish zone above the $63,500 and $63,800 resistance levels. BTC made another attempt to break through the $66,000 resistance zone. However, bulls failed to extend the gains, and the price began a downward correction.

There was a decline below the $65,000 and $64,500 levels. The price fell below the 50% Fibonacci retracement level of the uptrend from the $62,465 swing low to the $66,100 high.

It found support near the $63,850 zone and the 61.8% Fibonacci retracement level of the uptrend from the $62,465 swing low to the $66,100 high. A key bullish trendline is also forming on the BTC/USD hourly chart with support at $64,000.

Bitcoin price is currently trading above $64,000 and the 100-hour elementary moving average. If a up-to-date rally occurs, the price could encounter resistance near the $65,000 level. The first key resistance is near the $66,000 level.

A clear move above the $66,000 resistance could trigger another rally in the coming sessions. The next key resistance could be $66,500. The next major obstacle is at $67,200. A close above the $67,200 resistance could trigger further price growth. In the given case, the price could rally and test the $68,000 resistance.

More BTC Cons?

If Bitcoin fails to break above the $65,000 resistance zone, it could continue to fall. Immediate support on the downside is near the $64,000 level and the trendline.

The first major support is $63,850. The next support is now near $63,500. Any further losses could take the price towards the $62,500 support zone in the near future.

Technical indicators:

Hourly MACD – MACD is currently losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for the BTC/USD pair is currently approaching the 50 level.

Major support levels – $64,000 followed by $63,500.

Major resistance levels – USD 65,000 and USD 66,000.