Bitcoin Price Recovers: Is the Uptrend Returning?

Bitcoin price has found support near the $63,500 zone. BTC is currently rising and showing positive signs above the $65,500 resistance zone.

Bitcoin has formed a base and started a fresh rally above the $65,000 resistance zone.
The price remains above $65,500 and the 100-hour straightforward moving average.
On the hourly chart of the BTC/USD pair (data from Kraken), there was a breakout of the key downtrend line with resistance at USD 66,000.
In the brief term, the pair may accelerate its growth towards the USD 67,500 and USD 68,000 levels.

Bitcoin Price Regaining Strength, Jumping 4%

Bitcoin price continued to decline and traded below the $64,200 level. However, BTC bulls were energetic near the $63,500 level. The low was formed at $63,427, and the price recently started a fresh uptrend.

There was a move above the resistance levels of $64,500 and $65,000. The price rose above the 50% Fibonacci retracement level of the downward move from the $68,240 high to the $63,427 low. Additionally, there was a break above the key bearish trendline with resistance at $66,000 on the hourly chart of the BTC/USD pair.

Bitcoin price is currently trading above $65,500 and the 100-hour straightforward moving average. If the price continues to rise, it could encounter resistance near the $67,000 level or the 76.4% Fibonacci retracement level of the downward move from the $68,240 high to the $63,427 low.

The first key resistance is near the $67,500 level. A clear move above the $67,500 resistance could trigger further price growth in the upcoming sessions. The next key resistance could be $68,000. The next major obstacle is at $68,500. A close above the $68,500 resistance could trigger bullish moves. In the given case, the price could rise and test the $70,000 resistance.

Another BTC drop?

If Bitcoin fails to rebound above the $67,000 resistance zone, it could begin another decline. Immediate support on the downside is found near the $66,400 level and the 100-hour straightforward moving average.

The first major support is $65,500. The next support is now near $65,000. Any further losses could push the price towards the $63,500 support zone in the near future.

Technical indicators:

Hourly MACD – MACD is now gaining 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 – $66,400, followed by $65,500.

Major resistance levels – USD 67,000 and USD 68,000.