Bitcoin Price Consolidates Gains: Stability in the Crypto Market Amid Recent Surge
16 Mayo 2024 - 9:11PM
NEWSBTC
Bitcoin price rallied and tested the $66,500 zone. BTC is now
consolidating gains and might attempt another increase toward
$67,500. Bitcoin started a consolidation phase from the $66,500
resistance zone. The price is trading above $65,000 and the 100
hourly Simple moving average. There is a key bullish trend line
forming with support at $65,150 on the hourly chart of the BTC/USD
pair (data feed from Kraken). The pair could start another increase
unless the bears push it below $63,800. Bitcoin Price Remains
Supported Bitcoin price formed a base and started a fresh increase
above the $63,500 level. BTC even cleared the $65,500 resistance
and tested the $66,500 region. A new weekly high was formed at
$66,565 and the price is now consolidating gains. There was a minor
decline below the $66,000 level. The price dipped below the 23.6%
Fib retracement level of the upward move from the $61,073 swing low
to the $66,565 high. Bitcoin price is now trading above $65,000 and
the 100 hourly Simple moving average. There is also a key bullish
trend line forming with support at $65,150 on the hourly chart of
the BTC/USD pair. Immediate resistance is near the $65,600 level.
The first major resistance could be $66,000. The next key
resistance could be $66,500. A clear move above the $66,500
resistance might send the price higher. In the stated case, the
price could rise and test the $67,200 resistance. If the bulls
remain in action, the price could rise toward the $68,000
resistance zone. Any more gains might send BTC toward the $70,000
barrier. Another Decline In BTC? If Bitcoin fails to climb above
the $66,000 resistance zone, it could continue to move down.
Immediate support on the downside is near the $65,150 level and the
trend line. The first major support is $64,200. The main support is
now forming near $63,800 or the 50% Fib retracement level of the
upward move from the $61,073 swing low to the $66,565 high. Any
more losses might send the price toward the $63,150 support zone in
the near term. Technical indicators: Hourly MACD – The MACD is now
losing pace in the bullish zone. Hourly RSI (Relative Strength
Index) – The RSI for BTC/USD is now above the 50 level. Major
Support Levels – $65,150, followed by $63,800. Major Resistance
Levels – $66,000, $66,500, and $67,200.
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