As a seasoned researcher with extensive experience in the cryptocurrency market, I have closely monitored Bitcoin’s recent price action. The digital currency has shown impressive strength, extending its increase above the crucial $64,000 resistance level and reaching new weekly highs at $65,500.
As a market analyst, I’ve observed Bitcoin‘s price surpassing the resistance level of $64,000, reaching new heights. Currently, Bitcoin maintains its growth, holding above the $62,800 mark. With this momentum, it seems plausible that BTC may continue to ascend and explore further upward movements.
- Bitcoin traded to a new weekly high at $65,500 before there was a downside correction.
The price is trading above $63,500 and the 100 hourly Simple moving average.
There is a key bullish trend line forming with support at $63,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could aim for more upsides if it clears the $64,500 and $65,500 resistance levels.
Bitcoin Price Aims Higher
The price of Bitcoin continued to be in demand above the $62,500 mark of support and went on to boost its growth. Bitcoin surpassed the $64,500 barrier and even touched $65,000 before reaching a test at $65,500.
At a peak of $65,550, a new high was established, but the price has since started to retreat from these gains. A small dip occurred below the $64,000 mark. The price action brought about a test of the 23.6% Fibonacci retracement level derived from the price swing between the low of $56,380 and the high of $65,550.
Instead of “However, the bulls are active near the $63,000 area. A significant bullish trendline emerges on the hourly chart of the BTC/USD pair, offering support at $63,350.”
As a researcher studying the Bitcoin market, I’ve noticed that the cryptocurrency has surpassed the $63,000 mark and is now hovering above the 100-hour Simple Moving Average. The immediate resistance lies around the $64,500 level. The first significant resistance could be found at the $65,000 threshold. Beyond that, the next notable resistance might be situated around the $65,500 mark.
As an analyst, I would interpret a break above the $65,500 resistance as a strong signal for further price increases. The next resistance lies at $67,200. Should the price manage to surmount this hurdle, it could potentially fuel additional upward momentum, potentially propelling the price toward the $68,800 mark.
Another Drop In BTC?
If Bitcoin doesn’t manage to break past the $65,500 barrier, there’s a risk of another price drop. The floor in this potential decline lies around $63,350 and the trendline.
If the price falls below the initial significant resistance level of $62,800, it may initiate a downtrend towards the 50% Fibonacci retracement mark of the rally that started from $56,380 low and peaked at $65,550 high. This level lies around $60,800. Further declines could push the price towards the near-term support zone of $60,000.
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 near the 50 level.
Major Support Levels – $63,350, followed by $62,800.
Major Resistance Levels – $64,500, $65,000, and $65,500.
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2024-05-07 06:22