Bitcoin price has gained momentum and tested the $65,000 resistance. BTC needs to cross $65,000 to continue its upward trend in the near future.

• The value of Bitcoin began to escalate systematically, exceeding the level of $63,000.
• The price remains above $63,500 and the 100-hour uncomplicated moving average.
• On the hourly chart of the BTC/USD pair (data from Kraken), a key uptrend line is forming with support at $63,450.
• The pair may attempt to rise again if it breaks through the USD 65,000 resistance zone.

Bitcoin Price Expects More Profits

Bitcoin price remained stable above the $60,000 pivot level. BTC formed a base and began a steady escalate above the $62,000 resistance zone. Price rose above the $63,200 and $63,500 resistance levels.

Finally, bears emerged near the $65,000 resistance zone. A high formed at $64,950 and price is currently consolidating gains. There was a petite decline below the $64,500 level. Price tested the 23.6% Fibonacci retracement level of the upside move from the $58,572 swing low to the $64,950 high.

Bitcoin is now trading above $63,200 and the 100-hour uncomplicated moving average. A key bullish trendline is also forming on the hourly chart of the BTC/USD pair with support at $63,450.

On the other hand, the price may encounter resistance near the $64,500 level. The first key resistance is near the $65,000 level. A clear move above the $65,000 resistance may trigger further price growth in the coming sessions. The next key resistance may be $65,500.

A close above the $65,500 resistance could trigger more upside. In this case, the price could rally and test the $67,200 resistance.

Another BTC drop?

If Bitcoin fails to break above the $65,000 resistance zone, it could begin a downward correction. Immediate support on the downside is near the $63,800 level.

The first major support is at $63,500. The next support is now near the $62,800 zone. Any further losses could take the price towards the $61,750 support zone or the 50% Fibonacci retracement level of the upside move from the $58,572 swing low to the $64,950 high 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 above the 50 level.

Major support levels – $63,800 followed by $63,500.

Major resistance levels – USD 64,500 and USD 65,000.