Bitcoin (BTC) Price Consolidate Above the $64,000 Level

BTC could try to follow Ethereum and recover if it manages to clear the $65,650 resistance zone.

Bitcoin price showed signs of consolidation above the $64,000 level. BTC could attempt a recovery if it manages to clear the $65,650 resistance area.

Bitcoin Price Analysis

Bitcoin price extended its decline and traded below the $65,000 level. BTC even tested the $64,000 zone. It found support and started a minor recovery. A low was formed at $64,050, and the price is now correcting losses.

After a period of consolidation, BTC price began a fresh decline from the $67,255 swing high. It broke the $66,000 and $65,000 support levels. The recent decline seems to have stalled near the $64,000 zone.

Bitcoin price recovered from the stated level and it encountered resistance near the $64,400 and $64,850 levels. It also faced obstacles from the 23.6% Fib retracement level of the recent drop from the $67,255 swing high to the $64,050 low.

However, BTC price showed signs of another recovery above the $64,500 level. The price climbed above the 23.6% Fib retracement level of the recent drop from the $67,255 swing high to the $64,050 low.

It seems like the bears are still active near the $65,500 zone. Bitcoin price is now trading below $65,500 and the 100 hourly Simple moving average. There is also a short-term contracting triangle forming with resistance at $65,400 on the hourly chart of the BTC/USD pair.

On the upside, the price is facing resistance near the $65,400 level and the triangle trend line. The first major resistance could be $65,650 or the 50% Fib retracement level of the recent drop from the $67,255 swing high to the $64,050 low.

A clear move above the stated resistance might start a steady increase and send the price higher. In that case, the price could rise and test the $66,000 resistance. Any further gains may send BTC toward the $67,500 resistance in the near term.

Another Decline In BTC?

If Bitcoin fails to climb above the $65,650 resistance zone, it could begin another decline. Immediate support on the downside is near the $64,850 level.

The first major support is at $64,400. The next support is now forming near the $64,000 round figure. Any further losses might send the price toward the $63,200 support zone in the near term.

Technical Indicators

Hourly MACD – The MACD is now losing pace in the bearish zone.

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

Major Support Levels – $64,400, followed by $64,000.

Major Resistance Levels – $65,400, and $65,650.