Bitcoin price rallied and tested the $66,500 zone. BTC is now consolidating gains and might attempt another increase toward $67,500. 
<ul> 
 <li>Bitcoin started a consolidation phase from the $66,500 resistance zone.</li> 
 <li>The price is trading above $65,000 and the 100 hourly Simple moving average.</li> 
 <li>There is a key bullish trend line forming with support at $65,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could start another increase unless the bears push it below $63,800.</li> 
</ul> 
<h2 id="bitcoin-price-remains-supported">Bitcoin Price Remains Supported</h2> 
Bitcoin price formed a base and started a <a href="https://www.newsbtc.com/analysis/btc/bitcoin-breaks-free-63500/" target="_blank" rel="noopener ">fresh increase</a> above the $63,500 level. BTC even cleared the $65,500 resistance and tested the $66,500 region. A new weekly high was formed at $66,565 and the price is now consolidating gains. 
There was a minor decline below the $66,000 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $61,073 swing low to the $66,565 high. 
Bitcoin price is now trading above $65,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-holds-firm-61000/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. There is also a key bullish trend line forming with support at $65,150 on the hourly chart of the BTC/USD pair. Immediate resistance is near the $65,600 level. 
The first major resistance could be $66,000. The next key resistance could be $66,500. A clear move above the $66,500 resistance might send the price higher. In the stated case, the price could rise and test the $67,200 resistance. <a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_b46134.png?resize=1835%2C827"><img loading="lazy" decoding="async" class="wp-image-608492 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_b46134.png?resize=1835%2C827" alt="Bitcoin Price" width="1835" height="827" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_b46134.png?resize=1835%2C827?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_b46134.png?resize=1835%2C827?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_b46134.png?resize=1835%2C827?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_b46134.png?resize=1835%2C827?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_b46134.png?resize=1835%2C827?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_b46134.png?resize=1835%2C827?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_b46134.png?resize=1835%2C827?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
If the bulls remain in action, the price could rise toward the $68,000 resistance zone. Any more gains might send BTC toward the $70,000 barrier. 
<h2 id="another-decline-in-btc">Another Decline In BTC?</h2> 
If Bitcoin fails to climb above the $66,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $65,150 level and the trend line. 
The first major support is $64,200. The main support is now forming near $63,800 or the 50% Fib retracement level of the upward move from the $61,073 swing low to the $66,565 high. Any more losses might send the price toward the $63,150 support zone in the near term. 
Technical indicators: 
Hourly MACD – The MACD is now losing pace in the bullish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. 
Major Support Levels – $65,150, followed by $63,800. 
Major Resistance Levels – $66,000, $66,500, and $67,200.

Bitcoin Price Consolidates Gains: Stability in the Crypto Market Amid Recent Surge

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