As a seasoned crypto investor with over a decade of experience in this volatile market, I find the recent surge of Bitcoin price to be quite encouraging. The 8% jump from $64,500 to currently trading above $67,000 is a testament to its resilience and potential for growth.
The price of Bitcoin has begun a new surge past the $65,500 barrier it previously resisted. At the moment, Bitcoin seems to be stabilizing, and if conditions are favorable, it could surpass the $68,000 threshold for further growth.
- Bitcoin is up over 7% and now shows a lot of positive signs.
- The price is trading above $66,500 and the 100 hourly Simple moving average.
- There is a connecting bullish trend line forming with support at $66,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rally further if there is a close above the $68,000 resistance zone.
Bitcoin Price Surges Over 8%
Bitcoin’s price held firm and began a new upward trend surpassing the $65,500 barrier. It subsequently broke through the $66,500 resistance, positioning itself in a favorable market zone. The value of Bitcoin even climbed over the resistance at $67,000 and $67,500.
Lately, there was a dip in price that took it down to around $64,500. The lowest point was at $64,686, but the price is now on an upward trend again. We saw a breakthrough above the resistance level of $66,500. Furthermore, the price has surpassed the 50% Fibonacci retracement level from the high of $67,871 to the low of $64,686 downward correction.
Currently, the Bitcoin price exceeds $66,000 and aligns with its 100-hour Simple Moving Average. Additionally, a rising bullish trend line is emerging on the hourly BTC/USD chart, providing support around $66,400.
Positively speaking, there may be obstacles for the price to surpass at approximately $67,400. Initially, a significant barrier lies around $67,800. If the price manages to break through this hurdle, it could potentially lead to further increases. The next notable resistance might be situated at around $68,800.
If the price moves just above $68,800, it may trigger further increases. In this scenario, the price could potentially reach and challenge the $69,500 resistance point. Should it continue to rise, it might push the price towards the $70,000 resistance area.
Another Decline In BTC?
If Bitcoin can’t break through the $67,800 barrier, there’s a possibility of another price drop. The nearest support can be found around $66,400 and the trendline in case it does fall.
In simpler terms, the primary level of resistance (or strong point where the price may stop rising) is found around $65,500. The next area of potential support (or weak point where the price might stabilize if it falls) is now close to the $64,500 range. If losses continue, the price could head towards the $63,200 level as a possible future support 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 – $66,400, followed by $65,500.
Major Resistance Levels – $67,800, and $68,800.
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2024-10-16 05:46