Bitcoin Price Challenge: Can It Break Through and Resume Climbing?

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As a researcher with extensive experience in cryptocurrency markets, I’ve closely observed Bitcoin’s price action over the past few days. The recent recovery and test of the $63,650 resistance zone is a positive sign for BTC bulls. However, Bitcoin faces some resistance near this level and might consolidate gains before making another attempt to surpass it.

As a crypto investor, I’ve noticed that Bitcoin‘s price has bounced back and reached the challenging resistance level of $63,650. Currently, Bitcoin is in the process of consolidating its gains, indicating a potential second attempt to break through this barrier and reach new heights.

    Bitcoin started a decent increase above the $62,500 and $63,000 levels.
    The price is trading above $62,250 and the 100 hourly Simple moving average.
    There is a connecting bullish trend line forming with support at $62,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    The pair might gain bullish momentum if it clears the $63,650 resistance zone.

Bitcoin Price Holds Ground

As a crypto investor, I’ve noticed an encouraging uptrend in Bitcoin’s price that surpassed the $61,200 threshold. Subsequently, it managed to break past the formidable resistance levels of $62,000 and $63,000. This bullish momentum has propelled Bitcoin into a favorable short-term zone.

As an analyst, I’ve noticed that the bearish sentiment emerged around the $63,650 mark. We witnessed a peak at $63,798 prior to a price correction. The market dipped below the $63,200 threshold and subsequently tested the 23.6% Fibonacci retracement level of the rally that started from the $59,950 swing low and peaked at $63,798.

The price of Bitcoin currently hovers over $62,250 and the 100-hour moving average. Additionally, a bullish trendline is emerging on the hourly chart for the BTC/USD pair, providing support at around $62,800.

Should there be another price rise, it may encounter obstruction around the $63,250 mark. The initial resistance point is situated at approximately $63,650. A possible subsequent resistance level could be found at $64,000. Overcoming the $64,000 resistance might lead to a sustained increase, potentially pushing the price further upward.

In this scenario, the bitcoin price may challenge the $65,000 resistance level if it continues to increase. Should it surpass this barrier, the next stop could be around $66,500 in the imminent future.

Are Dips Supported In BTC?

If Bitcoin is unable to surpass the $63,650 barrier, there’s a possibility it may gradually decline. The nearest support lies around $62,800 and the trendline.

As a crypto investor, I’m keeping a close eye on the market and identifying key support levels for Bitcoin. The first significant level of support currently sits at $62,200. However, the price action is indicating that a new support may be forming near $61,800 and the 100 hourly Simple Moving Average. This area is also close to the 50% Fibonacci retracement level of the recent upward move from the $59,950 swing low to the $63,798 high. If we see further losses, I believe the price could head towards the near-term support zone around $60,500.

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 – $62,800, followed by $61,800.

Major Resistance Levels – $63,650, and $64,000.

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2024-07-02 05:46