Bitcoin Price Gains Steam: Is a New Surge on the Horizon?
2024-10-16

Bitcoin price started a fresh rally above the $65,500 resistance zone. BTC is now consolidating and might clear the $68,000 resistance to continue higher.
Bitcoin Price Surges Over 8%
Bitcoin price remained supported and started a fresh increase above the $65,500 resistance. BTC cleared the $66,500 resistance to move into a positive zone. The price even rallied above the $67,000 and $67,500 resistance levels.
Recently, there was a downside correction to $64,500. A low was formed at $64,686 and the price is again rising. There was a move above the $66,500 resistance. The price climbed above the 50% Fib retracement level of the downside correction from the $67,871 swing high to the $64,686 low.
Bitcoin price is now trading above $66,000 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $66,400 on the hourly chart of the BTC/USD pair.
On the upside, the price could face resistance near the $67,400 level. The first key resistance is near the $67,800 level. A clear move above the $67,800 resistance might send the price higher. The next key resistance could be $68,800.
A close above the $68,800 resistance might initiate more gains. In the stated case, the price could rise and test the $69,500 resistance level. Any more gains might send the price toward the $70,000 resistance level.
Another Decline In BTC?
If Bitcoin fails to rise above the $67,800 resistance zone, it could start another decline. Immediate support on the downside is near the $66,400 level and the trend line.
The first major support is near the $65,500 level. The next support is now near the $64,500 zone. Any more losses might send the price toward the $63,200 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $66,400, followed by $65,500.
Major Resistance Levels – $67,800, and $68,800.