Key Takeaways:
- Bitcoin is consolidating gains above the $66,500 resistance.
- BTC/USD cleared a crucial bullish flag pattern with resistance at $67,000 on the daily chart.
- The price could start another increase unless it fails to stay above the 50-day simple moving average (blue) and $64,500.
NEW DELHI (CoinChapter.com) — Bitcoin price is holding gains above the $65,000 pivot zone. BTC might consolidate for some time before it makes the next move higher.
Bitcoin Price Holds Gains Above Support
In the last analysis with a daily chart, we discussed how Bitcoin price showed signs of life above the $60,000 level. A base was formed, and the price started a steady increase above the $63,500 resistance zone. There was a clear move above the $65,000 resistance zone and the 50-day simple moving average (blue) and $64,500.
More importantly, BTC cleared a crucial bullish flag pattern with resistance at $67,000 on the daily chart. The recent Ethereum rally also helped Bitcoin and it pumped above the $70,000 resistance zone.
Bitcoin price even spiked toward the $72,000 zone. A high was formed at $71,922 and the price settled well above the 50-day simple moving average (blue). Recently, there was a minor pullback below the 23.6% Fib retracement level of the upward move from the $56,711 swing low to the $71,922 high.
However, the bulls seem to be active near the same bullish flag trend line. The price seems to be consolidating gains above the channel resistance (now support).
Immediate resistance on the upside sits at the $70,000 zone. The first major resistance is still near the $72,000 zone. If BTC price breaks the $72,000 resistance, it could trigger another major upward move. The next key resistance sits at $72,800, above which the price could accelerate higher. In the stated case, the bulls could even aim for a move toward the $75,000 region.
Conversely, Bitcoin price might struggle near $72,000 or $72,800 and start another decline. Immediate support is now near the $67,000 level. The first major support is near the $65,000 zone and the 50-day simple moving average (blue).
The next support is now forming near the $64,300 zone. It is close to the 50% Fib retracement level of the upward move from the $56,711 swing low to the $71,922 high.
If the bulls fail to protect the $64,300 support, there could be a larger decline. In the stated case, the price might decline toward the $60,500 support.
Overall, Bitcoin is consolidating gains above the key support at $65,000. BTC could soon resume upside above the $72,000 level and test the $75,000 level in the coming days.
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