Bitcoin Strengthens Support Above $63,500
Bitcoin recently experienced a downturn below the $63,500 mark before finding support near $61,800. Fortunately, the bulls stepped in, leading to a rebound in the price. As a result, Bitcoin is currently trading above $63,500 and the 100 hourly Simple Moving Average, indicating a potential upward trend. A significant development was the break above a crucial bearish trendline with resistance at $63,250 on the hourly BTC/USD chart.
Bitcoin Price Action
- Bitcoin’s price dipped below $62,000 before making a recovery from the low of $61,774.
- The price surged past $62,500 and $63,500 resistance levels, breaking a key bearish trendline.
- Bitcoin spiked above $64,500, testing the $64,750 level before retracing.
- A downside correction saw the price move below $64,000, testing the 50% Fib retracement level from the recent swing low to high.
Current Price Outlook
Bitcoin’s price is now above $63,500 and the 100 hourly Simple Moving Average, with immediate resistance at the $64,000 mark. The next major hurdles could be at $64,500 and $64,750 levels. A break above $64,750 might pave the way for further upside, targeting the $65,500 resistance zone.
If the price manages to breach the $65,500 barrier, we could see an extension towards $66,200 and potentially $68,000. Further gains may propel Bitcoin towards the critical $70,000 resistance level in the near future.
Potential Decline in Bitcoin Price
However, failing to surpass the $64,750 hurdle could result in a downward movement for Bitcoin. Immediate support lies at $63,500, with a significant support zone at $63,000. A close below $63,000 might trigger a decline towards $61,750 and possibly $61,200 support levels.
Technical Indicators for Bitcoin
- Hourly MACD – The MACD is showing signs of losing momentum in the bullish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level, indicating a positive sentiment.
- Major Support Levels – $63,500, followed by $63,000.
- Major Resistance Levels – $64,000, $64,500, and $65,500.
Hot Take: Bitcoin Ready for Potential Upward Movement
Bitcoin’s recent bounce from the $61,800 support level signals strength in the market, with the price holding ground above $63,500. While facing obstacles near $64,000 and $64,750, a successful breach could fuel a rally towards $70,000. However, failure to break above $64,750 might result in a decline towards $61,200 in the short term.
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