As a seasoned analyst with years of experience in the cryptocurrency market, I have seen Bitcoin’s price fluctuations more times than I can count. The current upward trend is particularly interesting, as it appears to be gaining momentum and showing no signs of slowing down just yet.
As a researcher, I’ve observed an acceleration in Bitcoin‘s price trajectory, surpassing the thresholds of $58,000 and $60,000. Currently, Bitcoin has seen a rise exceeding 10%, suggesting potential for further growth in the immediate future.
- Bitcoin started a decent increase above the $56,500 and $58,250 levels.
The price is trading above $60,000 and the 100 hourly Simple moving average.
There is a connecting bullish trend line forming with support at $60,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might eye more upsides above the $62,500 resistance zone.
Bitcoin Price Could Extend Gains
The cost of a single Bitcoin surged past the $55,500 barrier, marking a significant growth spurt. Furthermore, Bitcoin successfully breached the resistance at $56,500 and $58,250, positioning itself in a favorable upward trend.
The bulls managed to push the price beyond the barrier at $60,000. Currently, it’s more than 10% higher and reached a peak of $62,700. At present, the price is holding steady close to the 23.6% Fibonacci retracement point following its significant upward surge from the $54,556 low to the $62,700 high.
Currently, Bitcoin’s price is exceeding $60,000 and aligning with its 100-hour Simple Moving Average. Additionally, a rising bullish trend line is being formed, offering support at the same level of $60,000 on the hourly BTC/USD chart.
As a seasoned trader with years of experience under my belt, I have learned to always keep a keen eye on key resistance levels when analyzing market trends. Based on my observations, I believe that the price could face some significant resistance near the $62,000 level in the current market scenario. This is due to historical patterns and psychological factors that often come into play at round numbers like this one.
Overcoming the next significant challenge lies at around $65,000. Breaking through this resistance level could trigger a series of optimistic actions, potentially causing the price to escalate and encounter another resistance at $67,000.
Are Dips Limited In BTC?
If Bitcoin doesn’t manage to break through the $62,500 barrier, it might initiate a decline. The lowest point of potential fallback could be around $60,700.
The significant initial point of resistance is set at $60,000 and a trend line. Subsequently, the next level of potential support can be found around $57,750 or the 61.8% Fibonacci retracement level during the upward movement from the $54,556 minimal point to the $62,700 peak. Further drops in price could potentially push it towards the $55,000 support area over the short term.
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 – $60,700, followed by $60,000.
Major Resistance Levels – $62,000, and $62,500.
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2024-08-09 05:46