The price of Bitcoin surged past 15%, shattering the barrier at $65,000. Bitcoin’s upward trend continues, potentially aiming for a new height at $66,000.
- Bitcoin extended its increase above the $65,000 resistance zone.
The price is trading above $64,500 and the 100 hourly Simple moving average.
There is a key bullish trend line forming with support at $63,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might continue to move up if it breaks the $66,000 resistance.
Bitcoin Price Extends Increase, Bulls In Action
Bitcoin’s price continued to thrive in an optimistic area above the hurdles of $62,500 and $63,500. BTC managed to overcome the $64,000 mark, resulting in further growth. The bullish momentum even propelled the price towards the $66,000 zone.
At $66,100, a peak was reached and the price is currently holding steady, consolidating its advance. It sits comfortably above the 23.6% Fibonacci retracement mark – a significant level in an uptrend – which originated from the swing low at $62,466 to the high at $66,100 on the hourly chart for BTC/USD. Additionally, there’s a promising bullish trend line taking shape, with support at $63,850.
The current Bitcoin rate hovers around $64,500 and surpasses the 100-hour moving average. Should the upward trend persist, potential barriers to further growth lie at approximately $66,000. An initial significant resistance can be found near $66,500.
If the price breaks through the $66,500 barrier with ease, it could lead to additional gains in the upcoming trading periods. The next significant resistance levels are at $67,200 and $68,000. Overcoming the $68,000 resistance could propel the price even higher. In this scenario, the price may challenge the resistance at $70,000.
Are Dips Supported In BTC?
If Bitcoin doesn’t manage to surpass the $66,000 barrier, there’s a risk that it may initiate a decline instead. The nearest support lies around the $66,000 mark.
$64,250 marks the initial significant level of resistance, which is also the 50% Fibonacci retracement point following the price rise from $62,466 to $66,100. A new support lies around $63,650 and aligns with the trendline. If the price continues to decline, it may head toward the nearby support area of $62,500.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $64,250, followed by $63,850.
Major Resistance Levels – $66,000, and $67,200.
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2024-07-17 06:06