Bitcoin has recently experienced a rally, moving above the $64,500 resistance zone, with signs of consolidation as it approaches the $66,400 resistance level. The price has increased by over 5%, encountering obstacles at the $66,400 area.
The cryptocurrency is trading above $64,500 and has formed a short-term bullish trend on the hourly chart. Clearing the $66,400 resistance could potentially propel Bitcoin higher, with possible targets at $66,850 and $67,500. Further gains could see the price aiming for the $68,000 resistance level.
If Bitcoin fails to break through the $66,400 resistance, it might face another decline. Immediate support is identified around the $65,400 level, followed by a major support level near $64,250. Additional losses could push the price toward $63,500 and potentially $62,500.
Technical indicators reveal that the hourly MACD is losing its bullish pace, while the RSI remains above 50, indicating relative strength in the market. Key support levels include $65,400 and $64,250, and major resistance levels are $66,000 and $66,400.
