As a seasoned researcher with years of experience studying cryptocurrency markets, I can confidently say that Bitcoin’s recent price surge is reminiscent of a rollercoaster ride. After breaking through the $62,000 resistance zone, BTC seemed poised to reach new heights, only to stall just shy of the $63,000 mark. This isn’t uncommon in the crypto world – we often see Bitcoin dance around key levels before making a decisive move.
The cost of Bitcoin has begun a new upward surge surpassing the $62,000 barrier. At present, it’s holding steady and may potentially rise further towards $63,000.
- Bitcoin is struggling to start a fresh increase above the $63,200 zone.
The price is trading above $61,500 and the 100 hourly Simple moving average.
There is a short-term declining channel forming with resistance at $63,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could regain traction if there is a close above the $63,200 resistance zone.
Bitcoin Price Holds Support
Bitcoin’s price established a foundation and commenced an upward trend surpassing the resistance at $61,200. Subsequently, Bitcoin overcame the $62,000 barrier, propelling itself into a favorable position. Remarkably, the price peaked above $63,000 before the bears emerged on the scene.
At $63,445, a peak was reached and prices are currently holding steady as they build on their gains. There was a slight dip below the $63,000 mark. Additionally, there was a small price action that dropped beneath the 23.6% Fibonacci retracement line of the bullish trend which started from the $58,888 low and peaked at $63,445.
Currently, Bitcoin’s trade value exceeds $62,000 and lies above its 100-hour moving average. If it continues to rise, potential obstacles could arise around the $63,000 mark. Additionally, a brief downtrend channel is emerging on the hourly BTC/USD chart, with $63,000 serving as the resistance level in this short-term trend.
Initially, a significant resistance point lies around $63,200. Overcoming this resistance could potentially push the price upward, with potential next resistance at approximately $63,500.
If the price surpasses $63,200, it may trigger further increases, potentially pushing the price up to challenge the resistance at $64,500. Should it continue to rise, it could aim for the resistance level of $65,000.
Another Decline In BTC?
If Bitcoin doesn’t manage to break past the $63,200 barrier, there’s a chance it might initiate another drop. The closest support level would be around $62,250 if that happens.
As a crypto investor, I’ve noticed that the first significant support lies around the $62,000 mark. If we continue to see downtrends, the next potential support is either at the $61,150 area or the 50% Fibonacci retracement level of the upward swing from the $58,888 low to the $63,445 high. Any further losses could potentially push the price towards the near-term support at $60,000.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $62,000, followed by $61,150.
Major Resistance Levels – $63,000, and $63,500.
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2024-10-14 06:40