As an analyst with a background in traditional financial markets and a deep interest in cryptocurrencies, I’ve been closely following the Bitcoin price action. Based on the current trends and technical analysis, I believe that the recent upside move is a positive sign for BTC.
The price of Bitcoin has risen by almost 5%, surpassing the $62,500 mark. Currently, Bitcoin is attempting to break through the resistance level at $63,500, indicating a bullish trend.
- Bitcoin started a decent increase above the $62,200 and $62,400 levels.
The price is trading above $62,500 and the 100 hourly Simple moving average.
There was a break above a major bearish trend line with resistance at $61,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might struggle to continue higher above the $63,650 resistance zone.
Bitcoin Price Starts Recovery
As a researcher studying the cryptocurrency market, I’ve observed that Bitcoin’s price found solid ground above the $60,000 mark. Subsequently, Bitcoin showed remarkable resilience and commenced an impressive upward trend, surmounting the $61,500 resistance barrier.
As a crypto investor, I’ve noticed an exciting development in the BTC/USD chart. We witnessed a significant breakthrough as the price surpassed the major bearish trend line with a strong resistance at $61,000 on the hourly chart. The bulls then successfully drove the price upward, exceeding the next resistance level at $62,500. Currently, Bitcoin is trading close to the $63,650 resistance zone and has experienced a nearly 5% growth.
As an analyst, I observe that Bitcoin’s price currently hovers above the $62,500 mark and the 100-hour Simple Moving Average. The price stability is evident as it rests comfortably above the 23.6% Fibonacci retracement level of the recent upward price swing. This level was established from the dip at $59,949 to the peak at $63,675.
Should there be another price hike, it may encounter obstacles around the $63,650 mark. The initial barrier lies at approximately $64,000. A potential next resistance could emerge near $64,400. Overcoming this resistance could pave the way for a sustained upward trend and potentially push the price further upwards.
In this scenario, there’s a possibility that the price will increase and reach the $65,500 mark as resistance. Should it surpass this level, Bitcoin could be pushed further towards the nearby resistance at $66,000.
Are Dips Limited In BTC?
If Bitcoin doesn’t manage to surpass the $63,650 barrier, there’s a risk of a price decrease. The nearest support lies around the $62,800 mark.
$61,800 is the initial significant level of resistance, representing both the first major upward move’s 50% Fibonacci retracement and the previous swing low at $59,949. A new support is emerging around $61,250, coinciding with the 100-hour Simple Moving Average. Further declines could potentially push the price toward the near-term support zone of $60,500.
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 – $62,800, followed by $61,800.
Major Resistance Levels – $63,650, and $64,400.
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2024-07-01 06:22