Bitcoin price is consolidating above the $64,000 level, with the potential to follow Ethereum (one of the top 10 altcoins) and recover if it clears the $65,650 resistance zone. A minor recovery wave was started above the $65,000 level, and the price is trading below $65,500 and the 100 hourly Simple moving average. A short-term contracting triangle with resistance at $65,400 is forming on the hourly chart of the BTC/USD pair. The pair could start a recovery wave if it clears the $65,400 and $65,650 resistance levels.
Bitcoin has extended its losses and traded below the $65,000 level, even testing the $64,000 zone. A low was formed at $64,050, and the price is now correcting losses. A minor recovery above the $64,500 level climbed above the 23.6% Fib retracement level of the recent drop from the $67,255 swing high to the $64,050 low. However, bears are still active near the $65,500 zone.
If Bitcoin fails to climb above the $65,650 resistance zone, it could start another decline. Immediate support on the downside is near the $64,850 level, and any more losses might send the price toward the $63,200 support zone in the near term.
Source: NEWSBTC
