Source of the original article: Cryptographic Ah Yao

Bitcoin price starts a new round of rise

Bitcoin price continued its downward correction and fell below the $66,500 level. The price fell below the $66,000 and $65,500 levels. The price even tested the $65,200 support area.

A low was formed at $65,199, and the price rose again. The price clearly broke through the $66,500 level. The price climbed above the 23.6% Fibonacci retracement level on the downside from a high of $69,425 to a low of $65,199. Furthermore, on the hourly chart of the BTC/USD pair, the price broke through a key bearish trend line with resistance at $66,800.

Bitcoin price is currently below $67,500 and 100 hourssimple moving average. On the upside, the price could face resistance near $67,300 or the 50% Fibonacci retracement level of the downward movement from the high of $69,425 to the low of $65,199.

The first key resistance is near the $67,500 level. The price could rise further if the $67,500 resistance level is clearly broken. The next key resistance could be $68,000.

Closing above the $68,000 resistance level is likely to trigger more gains. In this case, the price could rise and test the $69,200 resistance level. Any further increase could drop the price towards the $70,000 resistance level.

Is BTC falling again?

Bitcoin could fall again if it fails to break through the $67,500 resistance zone. Directly in the downward directionSupport levelAround $66,500.

The first major support is near the $66,200 level. The next support is currently near the $66,000 area. If the price falls further, it could fall to the $65,200 support level in the short term.