Bitcoin Price Analysis: BTC Targets Upside Momentum
Bitcoin reached a new weekly high at $65,500 before experiencing a downside correction. Currently, the price is trading above $63,500 and the 100 hourly Simple Moving Average. A key bullish trend line is forming with support at $63,350 on the hourly chart of the BTC/USD pair.
- Bitcoin price shows resilience above $62,500 support and extends gains.
- Price successfully breaks through $64,500 resistance level, reaching $65,000 and testing $65,500.
- Thereโs a minor correction below $64,000, but bulls defend near $63,000.
Bitcoin Price Aims Higher
Bitcoinโs price remained well-bid above the $62,500 support zone and continued its upward movement. The cryptocurrency managed to surpass the $64,500 resistance level and climbed above $65,000, testing highs at $65,500 before correcting.
- A high was recorded at $65,550 before a pullback below $64,000.
- Bulls remain active near the $63,000 zone, supported by a key bullish trend line at $63,350.
- Currently, Bitcoin is trading above $63,000 and the 100 hourly Simple Moving Average.
Potential for Another Drop in BTC?
If Bitcoin fails to break above the $65,500 resistance level, another downward movement might start. Immediate support is expected near $63,350 and the bullish trend line.
- The first significant support level is at $62,800, with a potential drop towards $60,800 if broken.
- Further losses could see Bitcoin testing the $60,000 support zone in the near term.
Technical Indicators and Key Levels
Considering the technical indicators:
- Hourly MACD: The MACD is showing bullish momentum.
- Hourly RSI: The RSI for BTC/USD hovers near the 50 level.
- Key Support Levels: $63,350, followed by $62,800.
- Key Resistance Levels: $64,500, $65,000, and $65,500.
Hot Take: Conclusion and Future Outlook
Bitcoinโs price action remains strong, with attempts to break above key resistance levels. The current focus is on the $65,500 hurdle, which if surpassed, could lead to further upsides in the near term. However, failure to break above this level might result in a downside correction towards $60,000 support.
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