Bitcoin price gained pace and tested the $65,000 resistance. BTC must clear $65,000 to continue higher in the near term. Bitcoin started a steady increase above the $63,000 zone, trading above $63,500 and the 100 hourly Simple moving average.
There is a key bullish trend line forming with support at $63,450 on the hourly chart of the BTC/USD pair. The pair might attempt a fresh increase if it clears the $65,000 resistance zone. The price climbed above the $63,200 and $63,500 resistance levels, appearing stable above the $60,000 pivot level.
Bitcoin tested the 23.6% Fib retracement level of the upward move from $58,572 to $64,950 and is now consolidating gains. On the upside, resistance is near $64,500 and $65,000, with a clear move above potentially sending the price higher to $65,500 or $67,200.
If Bitcoin fails to rise above $65,000, a downside correction could begin with immediate support near $63,800, followed by $63,500, and ultimately the $62,800 zone or $61,750 support zone. Technical indicators suggest the MACD is losing pace in the bullish zone, while the RSI for BTC/USD is above 50.
