Summary of key points:
Bitcoin started a strong rebound and broke through the $63,500 resistance level.
BTC/USD is still following a bullish flag pattern on the daily chart with resistance at $68,000.
If the price closes above $68,000, it will move above the 50-day simple moving average (blue line) and is likely to continue rising.


Bitcoin Price Breaks $65,000, Traders Focus on Technical Breakouts and Options Strategies
Bitcoin price is showing signs of recovery above the $63,500 resistance area. BTC has risen above 5% and may soon look for an upside breakout.
Bitcoin price surges
In our last daily chart analysis, we discussed the strength of Bitcoin price holding the $57,000 and $60,000 support levels. The bears made several attempts to push BTC below the $57,000 area but all failed. The price created the last swing low at $57,072 before recovering.
The price gained bullish momentum in the past few trading sessions and broke multiple hurdles near the $63,500 resistance area. The price rose above the 50% Fibonacci retracement level of the decline from the $72,762 swing high to $57,072 low.


Bitcoin price daily chart | Source: BTC/USD on TradingView
Bitcoin price is now trading above the 50-day simple moving average (blue line). Moreover, it is still developing in accordance with the bullish flag pattern on the daily chart, which has resistance at $68,000.
An immediate resistance on the upside is located near the $66,750 area or the 61.8% Fibonacci retracement level of the upward move from the $72,762 swing high to $57,072 low. The first significant resistance remains near the $68,000 bullish flag trend line.
If the BTC price breaks the $66,750 resistance and holds above the $68,000 resistance, it could trigger a major upward move. The next key resistance is at $69,000, above which the price could accelerate upward. A daily close above the $69,000 resistance area could open the door to the $75,000 region.
Will Bitcoin get blocked again?
Conversely, Bitcoin price may face resistance near $66,750 or $68,000 and decline again. The immediate support is now located near $65,000 at the 50-day simple moving average (blue line).
The first important support is near the $63,500 area. The next support is forming near the $62,200 area, above which the price could test the key support of $60,000. The main uptrend support remains near the $56,000-57,000 area.
If the bulls fail to protect the $57,000 support, there could be a deeper decline. In such a case, the price could drop to the $46,850 support.
Overall, Bitcoin is rising, boosting the sentiment of the crypto market. However, BTC/USD still needs to clear the $66,750 and $68,000 resistance levels to start a new uptrend.