Bitcoin price has started a novel rally above the resistance at $64,750. BTC is currently consolidating near $65,000 and may remain supported.

• Bitcoin consolidates gains near the $65,000 zone.
• The price is above $64,200 and Elementary’s 100-hour moving average.
• On the hourly chart of the BTC/USD pair (feeding data from Kraken), a short-term contracting triangle is forming with resistance at $65,250.
• The pair could start another rally if there is a clear move above the resistance zone at $65,250.

Bitcoin price regains strength

Bitcoin price remained supported near the $62,650 level. BTC formed a base and started a novel rally above the $63,500 resistance zone. It gained momentum to break above the resistance zone at $64,200.

The bulls even pushed the price above $65,000. The high was set at $65,764 and the price is currently consolidating its increases. There was a slight decline below the $65,200 level. The price fell below the 23.6% Fib retracement level, the result of an upward move from a low of $62,673 to a high of $65,764.

Bitcoin is currently trading above $64,500 and the 100-hour basic moving average. If a novel rally occurs, the price could face resistance near the $65,250 level. A short-term contracting triangle is also forming on the hourly chart of the BTC/USD pair with resistance at $65,250.

The first key resistance is near the $65,500 level. A clear move above the resistance at $65,500 could result in a price rally. The next key resistance could be $66,200. A close above the resistance at $66,200 could trigger further gains. In this case, the price could move higher and test the resistance level at $67,500.

Another BTC drop?

If Bitcoin does not rise above the $65,250 resistance zone, it may continue to decline. Immediate downside support is located near the $64,850 level.

The first major support is located near the $63,850 level and the 61.8% Fib retracement level, which represents an upward move from the low of $62,673 to the high of $65,764. The next support is now near the $63,500 zone. Any further losses could push the price towards the support at $62,650 in the near future.

Technical Indicators:

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

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

Main support levels – $64,850, then $63,850.

Major resistance levels – $65,250 and $65,500.