As a seasoned researcher with extensive experience in studying cryptocurrency markets, I have closely monitored Bitcoin’s recent price action and can confidently share my perspective based on the current trends.
The price of Bitcoin has significantly surged and shattered the barrier at $62,000. Bitcoin exhibits promising trends and could potentially advance further up to $63,200.
- Bitcoin gained bullish momentum above the $60,500 resistance zone.
The price is trading above $61,500 and the 100 hourly Simple moving average.
There is a key bullish trend line forming with support at $61,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might continue to move up if it breaks the $62,500 support.
Bitcoin Price Regains Strength
The price of Bitcoin surged past key resistances at $59,500 and $60,000, leading to a robust upward trend. Bitcoin managed to break through the barrier at $60,500, positioning itself in a favorable zone. This development ignited a significant price rise, pushing Bitcoin above the $62,000 threshold.
As a researcher studying the market trends, I’ve noticed that the price reached a significant level of $62,493, forming a new high. Currently, it’s consolidating those gains. Notably, it trades above the 23.6% Fibonacci retracement level derived from the price swing between the $56,593 low and the $62,493 high.
The price of Bitcoin currently hovers around $61,500 and surpasses its 100-hour moving average. Additionally, a significant bullish trend line is taking shape on the hourly chart for BTC/USD, providing support at approximately $61,000.
Near the $62,500 mark, there’s strong opposition to further price rise. The initial hurdle for any upward trend lies around $62,800. Overcoming this barrier may lead to a noteworthy price growth in the upcoming trading periods. A potential resistance level could be found at $63,200.
If we surmount the upcoming significant barrier at $63,500, there’s a strong possibility that the price will begin a consistent uptrend, potentially reaching towards the $65,000 resistance level for further testing.
Are Dips Supported In BTC?
If Bitcoin is unable to surpass the $62,500 mark of resistance, there’s a risk that it may initiate a decline. The nearest support lies around the $61,500 region.
$61,000 and the trendline area mark the initial significant support. The price is currently approaching a new support level around $60,000. Further decreases could push the price towards the nearby $59,500 support region in 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 – $61,500, followed by $61,000.
Major Resistance Levels – $62,500, and $63,500.
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2024-07-15 06:04