Bitcoin’s price has continued to rise above $64,000. BTC has now surpassed $62,800, and could aim to continue its upward trend.
- Bitcoin reached a weekly high of $65,500, before a correction to the downside.
- Price is above the Simple Moving Average of 100 hours and $63,500.
- The hourly chart for the BTC/USD pairs shows a bullish line with support of $63,350. (Data feed by Kraken).
- It is possible that the pair will continue to rise if they clear resistance levels at $64,500 and $65500.
Bitcoin Price Aims Higher
The Bitcoin price remains the same well-bid above the $62,500 support zone It continued to increase. BTC managed to overcome the resistance of $64,500. The price even reached $65,000 before testing $65,500.
Price is correcting its gains now that a new high has been formed. The price fell below $64,000. Price tested the Fib level 23.6% retracement of the move upward from the swing low $56,380 to the high $65,550.
Bulls however are very active in the area around $63,000. On the hourly BTC/USD chart, there is a major bullish trendline forming at support of $63,350.
Bitcoin now trades above $63,000. 100 hourly Simple moving average. The immediate resistance level is around $64,500. First major resistance may be at $65,000. First, you might have to pay $65,000. next The key resistance is $65,500.
Source: BTCUSD on TradingView.com
Price could rise if the market moves above $65,500. If the price moves above $65,500, it could go higher. next The resistance is now $67,200. The price may continue to rise if there is an obvious move over the $67.200 resistance area. The price may rise to $68,800 in the case stated.
One more drop in BTC?
Bitcoin’s next decline could be triggered if the currency fails to move above $65,500. The trendline and $63,350 are the immediate support levels on the downside.
First, the major support level is $62,800. Price could drop towards the 60% Fib level, at 60,800, if the close is below the 62,800 support. This would be the 50% Fib of the rise from the 56,000380 swing-low to the 65,550 high. In the short term, any further losses could send the price to the $60,000.00 support level.
The following are technical indicators.
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.
Major Support Levels – $63,350, followed by $62,800.
Major Resistance Levels – $64,500, $65,000, and $65,500.
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