Bitcoin (<a href="https://www.coingecko.com/en/coins/bitcoin" target="_blank" rel="nofollow noopener">BTC</a>) has started the week on a bullish note with a fresh rally above $65,000 price levels. The bulls have even pumped the price above the $65,000 level and the 100 hourly simple moving average. Besides, there was a break above a major bearish trend line with resistance near $61,550 on the hourly chart of the BTC/USD pair.
<h2><strong>Bitcoin Back Above $65,000</strong></h2>
The price of the leading <a href="https://www.cryptoknowmics.com/news/bitcoin-btc-technical-analysis-consolidation-completed/">cryptocurrency</a> Bitcoin (BTC) has broken the rangebound it has been trapped in since October 28 and is now consolidating once again above $65,000, and is now on its way to climb back above all-time highs above $66,000 once again.

At the time of writing, BTC managed to climb above the resistance area of $64,000, potentially resulting in the digital asset reaching the $66,999 level. The crypto picked up steam around the $62,000 zone, which acted as a pivotal level in the midst of the current bull-run that took the crypto to new monthly highs.

However, if the digital asset plummets below $60,000, the bearish case would appear once again, and eventually, the lows from October 14 around $54,000 could be the next target.
<h2><strong>Rally or Price Dip Next?</strong></h2>
Bitcoin is trading above the 23.6% Fib retracement level of the upward move from the $60,129 swing low to $65,681 high. On the upside, immediate resistance is near the $65,500 level while the first major resistance is near the $66,000 level.

A break above $66,000 resistance will potentially result in a fresh rally. While the next major resistance sits near the $68,500 level, any more gains might lead the price towards the $70,000 level. However, if BTC fails to clear the $66,000 resistance zone, it could start afresh downside correction.

Immediate support on the downside is near the $64,500 level. The first major support is now forming near the $63,000 level. It is near the 50% Fib retracement level of the upward move from the $60,129 low to $65,681 high. A close below the $63,000 support could push down towards the $62,500 level. The main breakdown support is near $61,200 and the 100 hourly SMA, below which the price will only lead to losses.

Bitcoin Starts the Week on a Bullish Signal as Price Climbs Back Above $65,000

Bitcoin has started the week on a bullish note with a fresh rally above $65,000 price levels. The bulls even pumped the price above the 100 hourly SMA.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Bitcoin Starts the Week on a Bullish Signal as Price Climbs Back Above $65,000

Top Picks