Bitcoin Price May Restart an Uptrend: Is a Up-to-date Rise Coming?

Bitcoin price tested the $65,200 zone before the bulls emerged. BTC is currently rising and looking to continue above the resistance at $67,500.

Bitcoin extended losses and tested the $65,200 zone.
The price is trading below $67,500 and Simple’s 100-hour moving average.
On the hourly chart of the BTC/USD pair, there was a break above the key bearish trend line with resistance at $66,800 (powered by data from Kraken).
The pair could gain bullish momentum if it breaks the resistance zone at $67,500.

Bitcoin price begins a up-to-date surge

Bitcoin price extended its downward correction below the $66,500 level. There was a move below the $66,000 and $65,500 levels. The price even tested the $65,200 support zone.

The lowest level has formed at $65,199 and the price is rising again. There was a clear move above the $66,500 level. The price has risen above the 23.6% Fib retracement level, a downward move from a high of $69,425 to a low of $65,199. Additionally, there was a break above the key bearish trend line with resistance at $66,800 on the hourly chart of the BTC/USD pair.

Bitcoin price is currently trading below $67,500 and the 100-hour straightforward moving average. On the other hand, the price may face resistance near the $67,300 level or the 50% Fib retracement level for a downward move from the $69,425 high to the $65,199 low.

The first key resistance is near the $67,500 level. A clear move above the resistance at $67,500 could result in a price escalate. The next key resistance could be $68,000.

A close above the resistance at $68,000 could trigger further gains. In this case, the price could move higher and test the resistance level at $69,200. Any further upside could push the price towards the $70,000 resistance level.

Another BTC drop?

If Bitcoin does not rise above the $67,500 resistance zone, it could begin another decline. Immediate downside support is located near the $66,500 level.

The first major support is near the $66,200 level. The next support is now near the $66,000 zone. Any further losses could push the price towards the $65,200 support 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 – $66,500 and then $66,200.

Major resistance levels – $67,500 and $68,000.