Bitcoin price started a modern rally and cleared the $64,500 zone. BTC is consolidating and may seek greater gains above the $66,200 level.

• Bitcoin managed to stay above $62,500 and began a modern rally.
• The price is above $64,500 and the 100-hour plain moving average.
• A bullish trend line is forming on the hourly chart of the BTC/USD pair (fed with data from Kraken) with support at $64,200.
• The pair could extend gains if it holds above the $65,500 and $66,200 levels.

Bitcoin price regains strength

Bitcoin price found support near $60,800 and began a modern rally. BTC gained momentum to break above the $61,500 and $63,200 resistance levels.

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

Bitcoin is currently trading above $64,500 and the 100-hour plain moving average. Additionally, a bullish trend line is forming on the hourly chart of the BTC/USD pair with support at $64,200.

If the price remains stable above $64,500, it may try to rise again. Immediate resistance is near the $65,500 level. The first key resistance is near the $66,200 level. A close above the resistance at $66,200 could see the price rise further. In the given case, the price could move higher and test the resistance at $66,800. Any further gains could push the price towards the $67,500 level. The next barrier for bulls could be $68,000.

Another BTC drop?

If Bitcoin does not rise above the $66,200 resistance zone, it could begin 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 located near the $63,300 zone or the 50% Fib retracement level in an upward move from a low of $60,746 to a high of $65,847. Any further losses could push the price towards the $62,500 support in the near future. Major support currently stands at $61,800, below which BTC may have difficulty recovering 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.

Major support levels – $64,650 and then $64,200.

Major resistance levels – $65,500 and $66,200.