As a seasoned researcher with over two decades of experience in the volatile world of digital currencies, I have seen Bitcoin rise and fall like the tides of the ocean. The recent surge above the $62,000 mark is reminiscent of the early days of the dot-com boom, where every new technology seemed poised to change the world.
The cost of Bitcoin began a new rise that surpassed the $62,000 mark. Bitcoin appears to be picking up speed and may target further growth beyond the $63,500 level.
- Bitcoin is eyeing a fresh increase above the $63,500 zone.
The price is trading above $63,250 and the 100 hourly Simple moving average.
There is a connecting bullish trend line forming with support at $62,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to rise if it clears the $64,200 resistance zone.
Bitcoin Price Regains Traction
As a crypto investor, I’ve noticed that the Bitcoin price has solidified a support foundation beyond the $60,000 mark. Subsequently, BTC embarked on a new growth trajectory, surpassing the resistance levels at $61,200 and $62,000. The momentum of this upward trend even propelled the price above the $63,000 resistance barrier.
The price of Bitcoin reached a peak of $63,949 and currently appears to be holding its ground, possibly indicating another surge exceeding $63,500. Notably, BTC now surpasses the 23.6% Fibonacci retracement level stemming from the dip at $62,324 low to the high of $63,949.
Currently, the Bitcoin price is hovering over $63,250 and aligning with its 100-hour Simple Moving Average. Additionally, a bullish trend line is emerging, offering support around $62,900, as depicted on the hourly chart of BTC/USD.
Positively speaking, the price may encounter a barrier around $64,000. The initial potential barrier is at approximately $64,200. Breaking through this barrier at $64,200 might push the price upward. Another significant resistance could be found around $65,000.
As an analyst, if the price surpasses the $65,000 mark, it could potentially propel further growth, leading us to challenge the resistance at $65,500. Should this upward trend continue, we may even approach the $66,500 resistance level.
Are Dips Supported In BTC?
Should Bitcoin not surpass the $64,000 barrier, there’s a possibility of another drop starting. The closest support level for potential recovery lies around $63,500.
The primary reinforcement can be found around the $63,000 mark, which is also halfway through the price shift from the lowest point of $62,324 to the highest point of $63,949, or it aligns with a trend line. The subsequent support now lies within the $62,500 area. Further declines could potentially push the price towards the near-term support at $61,800.
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 – $63,500, followed by $63,000.
Major Resistance Levels – $64,000, and $64,200.
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2024-10-07 05:46