Bitcoin Price Gains Pace
Bitcoin price remained well bid above the $60,000 support zone. As a result, BTC started a fresh rally above the $62,500 and $63,500 resistance levels.
The bulls even pumped the price above the $65,000 level and the 100 hourly simple moving average. Besides, there was a break above a major bearish trend line with resistance near $61,550 on the hourly chart of the BTC/USD pair.
The pair gained pace for a move above the $65,500 level. A high is formed near $65,681 and the price is now consolidating gains.
Bitcoin is trading well above the 23.6% Fib retracement level of the upward move from the $60,129 swing low to $65,681 high. On the upside, an immediate resistance is near the $65,500 level.
The first major resistance is near the $66,000 level.
Source: BTCUSD on TradingView.comA clear break above $66,000 resistance may possibly call open the doors for a fresh rally. The next major resistance sits near the $68,500 level. Any more gains might lead the price towards the $70,000 level.