Bitcoin Trading in Range, Can It Break $63,500?
Bitcoin is currently trading in a range between $60,000 and $63,500, showing signs of stability. The cryptocurrency is holding above $61,500 and the 100 hourly Simple Moving Average, indicating a bullish momentum. There was a recent breakthrough above a bearish trend line with resistance at $61,550 on the BTC/USD hourly chart from Kraken. If Bitcoin manages to clear the hurdles at $62,200 and $62,500, it could gain significant bullish momentum.
Bitcoin Price Remains Steady
Bitcoin price faced resistance near the $63,500 level, leading to a slight decline. The price dipped below $62,500 and $62,200 support levels before finding a support base around $61,000. However, a recovery wave emerged above $61,250 and $61,500 levels. Additionally, there was a breakout above a previous resistance trend line at $61,550 on the hourly chart of BTC/USD.
- The price surpassed the 23.6% Fib retracement level of the recent decline from $63,400 to $61,000.
- Bitcoin is still trading above $61,500 and the 100 hourly Simple Moving Average, signaling bullish momentum.
- Immediate resistance is expected near $62,200 or the 50% Fib retracement level from the recent swing high to low.
Can Bitcoin Break Above $63,000?
If Bitcoin manages to clear the immediate resistance levels at $62,200 and $62,500, it could target the $63,000 resistance zone next. A successful breakout above $63,000 might pave the way for further gains towards $63,500. The critical hurdle to watch is at $63,500, as a decisive close above this level could open the doors for a rally towards $65,000 in the near term.
Another Drop In BTC?
However, if Bitcoin struggles to surpass the resistance at $62,500, it might face another round of selling pressure. The initial support on the downside is near $61,550 and the 100 hourly Simple Moving Average. A clear break below $61,000 could trigger a downside move towards $60,400. Further losses may lead the price towards the key $60,000 support area.
- Hourly MACD is gaining pace in the bullish zone.
- Hourly RSI for BTC/USD is above the 50 level, indicating positive momentum.
- Major support levels to watch are $61,550, followed by $61,000.
- On the upside, key resistance levels include $62,200, $62,500, and $63,500.
Hot Take: Bitcoin’s Next Move
As Bitcoin hovers within the $60,000 – $63,500 range, all eyes are on the crucial levels for a breakout. The cryptocurrency remains supported above $61,500 and the 100 hourly SMA, suggesting potential upside momentum. Will Bitcoin successfully breach the $63,000 resistance and aim for $65,000, or will it face another dip towards $60,000? Stay tuned as the market dynamics unfold in the coming sessions.
Newt Bettec emerges as an intellectual voyager at the intersection of crypto analysis, meticulous research, and editorial mastery. Within the digital labyrinth of cryptocurrencies, Newt’s intellect traverses intricate corridors, resonating with seekers of diverse inclinations. His talent for unraveling complex threads of crypto intricacies seamlessly blends with his editorial finesse, transmuting intricacy into an engaging tapestry of understanding. A guiding star for both audacious explorers and curious neophytes journeying through the crypto galaxy, Newt’s insights forge a compass for insightful decision-making amidst the ever-evolving universe of digital assets. With the precision of a wordsmith, they craft a narrative that enriches the evolving chronicle of the crypto cosmos.
