As a seasoned analyst with over two decades of market experience, I find the current Bitcoin price action quite intriguing. The bullish momentum is palpable as we witness the digital gold surging above key resistance levels, including the $63,000 mark.
The cost of Bitcoin accelerated beyond the barrier at $61,500, reaching as high as $63,300 before settling down to hold its ground above $62,500.
- Bitcoin is gaining pace above the $62,200 resistance zone.
The price is trading above $62,500 and the 100 hourly Simple moving average.
There is a major bullish trend line forming with support at $61,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could extend gains if it stays above the $61,500 support zone.
Bitcoin Price Extend Gains Above $63,000
The cost of Bitcoin surpassed the $60,500 mark, climbing even higher, as it successfully breached the resistance levels of $61,200 and $61,500, positioning itself in an optimistic trading range.
The price increased above $62,500 and $63,000, reaching a peak at around $63,840. Currently, the price is holding steady as it consolidates its gains. There was a brief drop below $63,500. The price fell slightly and touched the 23.6% Fibonacci retracement level of the rise from the low at $59,165 to the high at $63,840.
Currently, Bitcoin’s price has surpassed $62,500 and is aligned with its 100-hour Simple Moving Average. Additionally, a significant upward trend line is shaping up on the hourly Bitcoin-to-US-Dollar chart, offering support around $61,500.
If we consider the positive outlook, the price may encounter a barrier around $63,500. The initial significant barrier is located at approximately $63,800. Should there be a decisive break above the $68,400 barricade, it could lead to further increases. Another notable resistance might appear around $64,500. If the price closes above $64,500, it could trigger additional upward movements, potentially pushing the price up to test the $65,000 resistance level.
Are Dips Limited In BTC?
Should Bitcoin not manage to break through the resistance at approximately $63,500, it might initiate a decline instead. The potential floor for this descent would be around the $62,700 mark.
Initially, significant resistance can be found at around $61,500 along with the trend line. Subsequently, another area of potential support has emerged close to the $61,000 region, or the 61.8% Fibonacci retracement level of the price increase from its $59,165 trough to its $63,840 peak. Further declines could potentially push the price towards the near-term support at $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 – $62,700, followed by $61,500.
Major Resistance Levels – $63,500, and $63,800.
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2024-09-20 05:46