As a seasoned analyst with years of experience in the cryptocurrency market, I have witnessed Bitcoin’s volatile nature more times than I can count. The latest surge above $63,800 is a testament to its resilience and the growing interest in digital assets. If BTC manages to breach the $64,750 resistance zone, we could be looking at another run towards $65,000 and potentially even $66,800.
Bitcoin price is again rising above the $63,800 resistance. BTC could gain pace if it clears the $64,750 resistance zone and then $65,000.
- Bitcoin is aiming for more gains above the $64,800 zone.
The price is trading above $63,650 and the 100 hourly Simple moving average.
There was a break above a short-term contracting triangle with resistance at $63,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could extend gains if it breaks the $64,750 resistance zone.
Bitcoin Price Could Surpass $65,000
The cost of a single Bitcoin has resumed an upward trend, breaking through barriers at approximately $63,500 and $63,800. In fact, aggressive buying activity propelled the value towards around $64,750.
On the hourly Bitcoin-to-US Dollar chart, there was a break above the short-term triangle resistance at approximately $63,750, followed by a peak at $64,770. Currently, the price is experiencing a correction after dipping below the support levels of $64,600 and $64,400.
The cost dropped below the 23.6% Fibonacci retracement support level (based on the price movement from the $62,761 minimum to the $64,770 maximum), but currently, Bitcoin is being transacted above $63,800 and higher than the 100-hour Simple Moving Average.
If the price experiences a new surge, it may encounter hurdles around $64,750 and $65,000 initially. Overcoming these barriers might propel the price further upwards, with potential resistances at $65,500 and $66,800 thereafter. If the price successfully breaches the $65,500 resistance, it could signal a continued upward momentum.
Another Decline In BTC?
If Bitcoin doesn’t manage to break through its resistance at around $64,750, it might keep falling instead. The nearest support lies roughly at $63,750, which is also approximately the halfway point (50%) of the upward journey from the $62,761 low to the $64,770 high.
The primary significant resistance can be found around the $63,250 region. If we move forward, the next potential support lies within the vicinity of the $62,500 area. In case of further losses, the price might dip towards the $61,200 support level in the immediate 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 – $63,750, followed by $62,500.
Major Resistance Levels – $66,750, and $65,000.
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2024-09-25 05:46