As a seasoned researcher with years of experience observing the cryptocurrency market, I find myself quite intrigued by Bitcoin’s recent surge above the $63,500 mark. It’s like watching a well-orchestrated dance between bulls and bears, each vying for control in this digital arena.
As a researcher, I’ve observed an upward momentum in Bitcoin‘s price, surpassing the significant resistance at $62,500. In fact, it not only breached the $63,200 level but is currently holding steady above $63,500, consolidating its recent gains.
- Bitcoin is gaining pace above the $63,200 resistance zone.
The price is trading above $63,400 and the 100 hourly Simple moving average.
There was a break above a connecting bearish trend line with resistance at $63,220 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could extend gains if it stays above the $62,500 support zone.
Bitcoin Price Extend Gains Above $63,500
The price of Bitcoin surpassed the $62,500 mark and continued its ascent, successfully breaking through the resistance at $62,800 and $63,200, pushing it towards an even more favorable position.
On the hourly Bitcoin-to-US Dollar chart, there was a break above a connecting bearish trend line with a resistance at approximately $63,220. The bulls managed to push the price beyond $63,500, reaching a high of $63,965 before consolidating their gains. In simpler terms, the price of Bitcoin surpassed a specific resistance level on the hourly chart and then stabilized after peaking at around $63,965.
As a crypto investor, I noticed a slight dip below the $63,750 mark. The price drop took us down to test the 23.6% Fibonacci retracement level of the upward move that started from the $62,440 swing low and peaked at $63,965.
Currently, Bitcoin is trading beyond $63,500 and its 100-hour moving average. As it moves upward, potential obstacles may arise around $63,950. The initial significant resistance lies at approximately $64,200. Overcoming this barrier could potentially push the price even higher.
If we break through the current resistance at $65,000, it could lead to further increases in price, potentially taking us up to the next resistance level of around $65,500 for testing.
Are Dips Supported In BTC?
If Bitcoin doesn’t break through the $63,950 barrier, it might initiate a decline. The lowest point this decline may reach is around $63,500.
As an analyst, I’d articulate it this way: My current analysis indicates that the primary support for the asset lies around the $63,200 mark, which also corresponds to the 50% Fibonacci retracement level following our upward swing from the $62,440 low to the $63,965 high. At present, a secondary support is emerging in the vicinity of $62,500. Should further declines occur, the price may trend towards the nearby $61,500 support level in the near future.
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 $63,200.
Major Resistance Levels – $63,950, and $64,000.
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2024-09-23 12:44