After a sharp decline from ATH and several days of consolidation, the bulls seem found the strength to recover and decided to restore the price. The BTC/USD pair has risen above $65000 and at the time of publication, the BTC/USD pair is trading in the area of 65800 dollars. The price correction was expected due to profit taking and capital rotation from major cryptocurrencies to undervalued altcoins.
Thanks to today’s rally, the BTC/USD pair was able to rise above the 100-hour moving average and a short-term downtrend line. However, the level of 66000 provides enough resistance for the pair. If the bulls manage to push the price above 66000, the price could continue to rally towards the next resistance level of 66800. A move above this level will send the BTC/USD pair to the area of 67600. The area of 67600- 68000 provides strong resistance. Here bears can withstand the pressure of the bulls.
If the bulls fail to keep the price above $65500, the price will drop to the area of 65000. This level provides enough support for the BTC/USD pair. A move below this level could bring the price of Bitcoin to the 64500 level. The next major support is near the 64000 level.