Bitcoin price started a fresh increase above the $64,750 resistance, reaching as high as $65,764. BTC is now consolidating near the $65,000 level and is maintaining above the $64,200 and the 100 hourly Simple moving average, indicating continued support.
A short-term contracting triangle with resistance at $65,250 hints at possible future movements. If Bitcoin breaks above this resistance, it could face further resistance at $65,500 and potentially rise to $67,500.
However, failure to clear the $65,250 resistance zone could lead to a decline. Immediate support levels are at $64,850 and $63,850. More substantial losses could send the price back to the $62,650 support zone.
Technical indicators, such as the MACD and RSI, show mixed signals, suggesting cautious trading. The MACD is losing pace in the bullish zone, while the RSI remains above the 50 level.
