As a seasoned crypto investor with several years of experience under my belt, I’ve seen my fair share of Bitcoin price fluctuations. The recent 8% surge in the price of Bitcoin is an exciting development that has many investors, including myself, bullish about the future of this digital currency.
The price of Bitcoin has surged by almost 8%, shattering previous resistance levels. Currently, Bitcoin is stabilizing its advance, but there’s a strong possibility it could retreat slightly to around $65,000 in the near future.
- Bitcoin started a strong increase and cleared the $63,500 resistance zone.
The price is trading above $65,000 and the 100 hourly Simple moving average.
There was a break above a key bearish trend line with resistance at $61,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could correct gains but the bulls might be active near $65,000 and $64,500.
Bitcoin Price Jumps 8%
The price of Bitcoin held firm above the significant support of $60,000. Subsequently, Bitcoin established a foundation and initiated a new surge, surpassing the $62,000 mark. A pivotal bearish trendline was breached on the hourly chart of BTC/USD pair, with resistance at $61,500.
As a crypto investor, I’m thrilled to report that the pair experienced a significant surge of over 6%, shattering various obstacles around the $63,500 resistance level. Not only did it triumphantly breach the $65,500 resistance, but it also reached a new weekly high of $66,411. Currently, the price is taking a pause to consolidate these impressive gains.
As a crypto investor, I’m currently holding gains on my Bitcoin investment that surpass the 23.6% Fibonacci retracement level of the recent price wave, which ranged from $61,073 to $66,411. Additionally, the Bitcoin price is now trading above the $65,000 mark and the 100-hour Simple Moving Average (SMA).
In the given context,
Should the price break above the $68,000 barrier, it may surge forward towards hitting $70,000.
Are Dips Limited In BTC?
If Bitcoin doesn’t manage to break through the $66,400 barrier, there’s a risk of a price decrease. The nearest support lies around $65,150.
If the price falls below the initial significant resistance at $64,500, it may initiate a downtrend towards the next potential supports at $63,500 or the 50% Fibonacci retracement level of the recent price movement between $61,073 and $66,411. A further decline could potentially push the price towards the nearby support area around $63,000.
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 – $65,150, followed by $64,500.
Major Resistance Levels – $66,400, $66,800, and $67,200.
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2024-05-16 06:22