Bitcoin Price Gains Momentum Above $63,500 Resistance
Bitcoin’s price has surged past the $62,500 resistance level, breaking through the $63,200 mark and continuing its upward trend. Currently, BTC is consolidating its gains above the $63,500 threshold.
- Bitcoin is now trading above the $63,200 resistance zone.
- The price is positioned above $63,400 and the 100-hourly Simple Moving Average (SMA).
- A break occurred above a connecting bearish trend line with resistance at $63,220 on the BTC/USD hourly chart (data feed from Kraken).
- The pair could potentially extend its gains if it remains above the $62,500 support zone.
Bitcoin Price Extends Gains Above $63,500
Bitcoin price has furthered its increase beyond the $62,500 level. BTC successfully cleared the $62,800 and $63,200 resistance levels, pushing into a more positive zone.
Additionally, there was a break above a connecting bearish trend line with resistance at $63,220 on the BTC/USD hourly chart. The bullish momentum drove the price above the $63,500 level, reaching a high of $63,965. Currently, Bitcoin is consolidating its gains.
There was a minor pullback below the $63,750 level, testing the 23.6% Fibonacci retracement level of the upward move from the $62,440 swing low to the $63,965 high.
Bitcoin is now trading above $63,500 and the 100-hourly Simple Moving Average. On the upside, potential resistance lies near the $63,950 level. The first key resistance is around $64,200. A clear move above this resistance could propel the price even higher.
The next significant resistance could be at $65,000. A close above this level might trigger additional upsides, potentially pushing the price to test the $65,500 resistance.
Are Dips Supported in BTC?
Should Bitcoin fail to break through the $63,950 resistance zone, it may initiate a downside correction. Immediate support on the downside is near the $63,500 level.
The first major support is around $63,200, aligning with the 50% Fibonacci retracement level of the upward move from the $62,440 swing low to the $63,965 high. The next support level is near the $62,500 zone. Any further losses could drive the price towards the $61,500 support in the near term.
Technical Indicators
Hourly MACD: The MACD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index): The RSI for BTC/USD is now above the 50 level, indicating bullish momentum.
Key Support Levels
$63,500, followed by $63,200.
Key Resistance Levels
$63,950, and $64,000.
