Bitcoin Price Holds Gains, Can It Rise Again?

Bitcoin price remained in a bullish zone above the $63,500 and $63,800 resistance levels. BTC made another attempt to clear the $66,000 resistance zone.

Bitcoin price showed signs of weakness above the $65,000 resistance. However, BTC is still consolidating gains above the $63,500 zone.

Bitcoin Price Struggling

Bitcoin price started a fresh increase from the $62,500 support zone. The BTC/USD pair climbed above the $63,500 and $64,000 resistance levels. It even traded above the 50% Fib retracement level of the upward move from the $62,465 swing low to the $66,100 high.

Bitcoin price encountered selling pressure near the $65,000 resistance. It led to a downside correction, and the price dropped below the $64,500 and $64,000 levels. Moreover, the hourly MACD is now losing pace in the bullish zone.

On the upside, an initial resistance is now forming near the $64,500 level. The first major resistance is still at $65,000. A clear move above the $65,000 resistance might spark another increase in the coming sessions.

The next key resistance could be $66,500, followed by the next major hurdle at $67,200. A close above the $67,200 resistance might push the price further higher. In the stated case, the price could rise and test the $68,000 resistance.

More Downsides In BTC?

If Bitcoin fails to climb above the $65,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $64,000 level and the trend line.

The first major support is $63,850, followed by the next support at $63,500. Any more losses might send the price toward the $62,500 support zone in the near term.

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