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Bitcoin (BTC) has started the week on a bullish note with a fresh rally above $65,000 price levels. The bulls have 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.
Bitcoin Back Above $65,000
The price of the leading cryptocurrency Bitcoin (BTC) has broken the rangebound it has been trapped in since October 28 and is now consolidating once again above $65,000, and is now on its way to climb back above all-time highs above $66,000 once again.
At the time of writing, BTC managed to climb above the resistance area of $64,000, potentially resulting in the digital asset reaching the $66,999 level. The crypto picked up steam around the $62,000 zone, which acted as a pivotal level in the midst of the current bull-run that took the crypto to new monthly highs.
However, if the digital asset plummets below $60,000, the bearish case would appear once again, and eventually, the lows from October 14 around $54,000 could be the next target.
Rally or Price Dip Next?
Bitcoin is trading above the 23.6% Fib retracement level of the upward move from the $60,129 swing low to $65,681 high. On the upside, immediate resistance is near the $65,500 level while the first major resistance is near the $66,000 level.
A break above $66,000 resistance will potentially result in a fresh rally. While the next major resistance sits near the $68,500 level, any more gains might lead the price towards the $70,000 level. However, if BTC fails to clear the $66,000 resistance zone, it could start afresh downside correction.
Immediate support on the downside is near the $64,500 level. The first major support is now forming near the $63,000 level. It is near the 50% Fib retracement level of the upward move from the $60,129 low to $65,681 high. A close below the $63,000 support could push down towards the $62,500 level. The main breakdown support is near $61,200 and the 100 hourly SMA, below which the price will only lead to losses.