Bitcoin has once again captured the market’s attention as its price initiates a fresh surge beyond the $62,000 mark. With momentum building, BTC seems ready to target further gains beyond the $63,500 threshold.
- Bitcoin is setting its sights on a new rise above the $63,500 level.
- The current price is trading above $63,250 and remains above the 100-hourly Simple Moving Average.
- A bullish trend line is emerging with significant support at $62,900 on the hourly chart of the BTC/USD pair (data provided by Kraken).
- Should the pair surpass the $64,200 resistance zone, the upward trend could persist.
Bitcoin Price Regains Traction
After establishing a firm support base above the $60,000 zone, Bitcoin’s price embarked on a new upward journey, breaking through the $61,200 and $62,000 resistance levels. The bullish momentum even propelled the price above the critical $63,000 resistance. The market witnessed BTC reaching as high as $63,949, and currently, the price is in a phase of consolidating these gains. The present scenario indicates potential for a renewed rally beyond the $63,500 mark.
Currently, Bitcoin is trading above $63,250 and is comfortably positioned above the 100-hourly Simple Moving Average. The presence of a connecting bullish trend line, with a notable support level at $62,900, reinforces the strength of the BTC/USD pair. On the upside, traders and investors should be aware of resistance near the $64,000 mark, with the initial key resistance lying around $64,200.
A successful breach above the $64,200 resistance could propel the price higher, potentially targeting the subsequent resistance at $65,000. If Bitcoin manages to close above the $65,000 barrier, we could witness an acceleration in gains, with the price testing the $65,500 resistance level. Sustained momentum may even push the price toward the formidable $66,500 resistance.
Are Dips Supported In BTC?
In the event that Bitcoin struggles to break past the $64,000 resistance zone, it may face a downturn. Immediate support on the downside is positioned near the $63,500 level. The first major support level lies close to $63,000, corresponding to the 50% Fibonacci retracement level of the upward move from the $62,324 swing low to the $63,949 high, or aligning with the trend line. Should Bitcoin experience further losses, the price might gravitate toward the $62,500 zone. Any additional dips could see the price approaching the $61,800 support in the near term.
Technical Indicators
Hourly MACD: The MACD indicator is currently gaining momentum within the bullish zone.
Hourly RSI (Relative Strength Index): The RSI for BTC/USD is now positioned above the 50 level, indicating a bullish sentiment.
Major Support Levels: $63,500, followed by $63,000.
Major Resistance Levels: $64,000, and $64,200.
