Bitcoin price has surpassed the $66,000 resistance level and is now consolidating as it aims for the next breakout above $67,200. The price is currently trading above $65,500 and the 100 hourly Simple Moving Average, indicating bullish momentum. There is a bullish trend line forming with support around $65,900, which could further enhance the chances of an upward move.
If Bitcoin manages to clear the $67,200 resistance zone, it could gain bullish momentum and target the next resistance levels at $68,500 and $70,000. The major resistance lies near the $70,500 zone, and any further gains could push the price towards the $72,000 resistance level.
On the downside, if Bitcoin fails to break above the $67,000 resistance, there could be a downside correction. Immediate support can be found around the $66,200 level, followed by the $66,000 trend line. A close below $66,000 could result in a drop towards the $65,400 support level, with potential further losses towards the $64,200 zone.
It is important to note that technical indicators such as the hourly MACD and RSI are currently showing signs of bullish momentum, indicating the potential for a further upside move in Bitcoin price.
Disclaimer: This article is for educational purposes only and does not constitute financial advice. Investing in cryptocurrencies carries risks, and readers are advised to conduct their own research before making any investment decisions.