Bitcoin Price Consolidates Gains: Stability in the Crypto Market Amid Recent Surge

NewsBTC
Updated May 17, 2024 06:15
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Bitcoin price rallied and tested the $66,500 zone. BTC is now consolidating gains and might attempt another increase toward $67,500.


■  Bitcoin started a consolidation phase from the $66,500 resistance zone.

■  The price is trading above $65,000 and the 100 hourly Simple moving average.

■  There is a key bullish trend line forming with support at $65,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).

■  The pair could start another increase unless the bears push it below $63,800.


Bitcoin Price Remains Supported


Bitcoin price formed a base and started a fresh increase above the $63,500 level. BTC even cleared the $65,500 resistance and tested the $66,500 region. A new weekly high was formed at $66,565 and the price is now consolidating gains.


There was a minor decline below the $66,000 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $61,073 swing low to the $66,565 high.


Bitcoin price is now trading above $65,000 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support at $65,150 on the hourly chart of the BTC/USD pair. Immediate resistance is near the $65,600 level.


The first major resistance could be $66,000. The next key resistance could be $66,500. A clear move above the $66,500 resistance might send the price higher. In the stated case, the price could rise and test the $67,200 resistance.

Bitcoin Price

Source: BTCUSD on TradingView.com


If the bulls remain in action, the price could rise toward the $68,000 resistance zone. Any more gains might send BTC toward the $70,000 barrier.


Another Decline In BTC?


If Bitcoin fails to climb above the $66,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $65,150 level and the trend line.


The first major support is $64,200. The main support is now forming near $63,800 or the 50% Fib retracement level of the upward move from the $61,073 swing low to the $66,565 high. Any more losses might send the price toward the $63,150 support zone in the near term.


Technical indicators:


Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $65,150, followed by $63,800.

Major Resistance Levels – $66,000, $66,500, and $67,200.

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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