Bitcoin price remains supported

Bitcoin price has formed a base and started a fresh increase above the $63,500 level. BTC even broke through the $65,500 resistance and tested the $66,500 area. A new weekly high was formed at $66,565 and the price is currently consolidating gains.

There was a small decline below the $66,000 level. The price fell below the 23.6% Fib retracement level of the upward move from $61,073 to $66,565.

Bitcoin price is currently trading above $65,000 and the 100 SMA. There is also a key uptrend line forming with support at $65,150. Immediate resistance is near the $65,600 level.

The first major resistance level could be at $66,000. The next key resistance could be at $66,500. A clear move above the $66,500 resistance could send prices higher. In the said case, the price could rise and test the resistance at $67,200.

If Bitcoin fails to rise above the $66,000 resistance area, it could continue to move down. Immediate support on the downside is the $65,150 level and the trendline.

The first major support is at $64,200. The main support is now forming near $63,800 or the 50% Fib retracement level of the upward move from $61,073 to $66,565. Any further losses could push the price towards the $63,150 support zone in the near term.

Technical indicators:

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

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

Key support levels – $65,150, followed by $63,800.

Key resistance levels – 66.000 USD, 66,500 USD and 67,200 USD.