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.
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