Bitcoin Surges 8% as Bulls Gain Control
Bitcoin has experienced a strong surge in price, breaking through key resistance levels and reaching a new weekly high. The cryptocurrency is currently trading above $65,000 and showing bullish signs as it consolidates its gains.
Key Resistance Levels Broken π
β Bitcoin started its upward movement from a strong support zone near $60,000
β The cryptocurrency broke above the $63,500 resistance level with ease
β A key bearish trend line was breached at $61,500, signaling a shift in momentum
β Bitcoin surged over 6% and surpassed several hurdles, including $65,500
β A new weekly high was established at $66,411, showcasing the strength of the bulls
Healthy Consolidation Underway π
β Bitcoin is currently holding above the 23.6% Fib retracement level, indicating strong bullish sentiment
β The price is comfortably trading above the 100 hourly Simple Moving Average, a positive sign for further gains
β Immediate resistance is at the $66,400 level, with key levels at $66,850 and $67,200 to watch
β A clear break above $67,200 could pave the way for a move towards $68,000
Is There Room for Dip Buyers? π
β If Bitcoin struggles to break above $66,400, a downside correction could occur
β Immediate support lies at $65,150, followed by a crucial level at $64,500
β A drop below $64,500 might trigger further declines towards $63,500 or the 50% Fib retracement level
β Technical indicators suggest bullish momentum, with the MACD and RSI showing positive signs
β Major support levels to watch include $65,150 and $64,500, while resistance levels are at $66,400, $66,800, and $67,200
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